Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h −0.008%

Price spread now: Bybit against QFEX−0.085%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$740.742% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.144%+$14 on $10k

Price spread, last 7 days+0.124%+$12 · spread now −0.085%, 7d avg +0.039%

Together, before fees+0.268%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.124% cheaper against QFEX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.039%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.144%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	47.110	0.0043	pay 0.0005% / 1h	51m 35s	$1.2M	$1.5M	10x
Short	Bybit IRENUSDT	47.070	0	get 0.0000% / 8h	2h 51m	$1.2M	$545K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee QFEXbpFee BybitbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$8.97
Price spread: −0.085% → +0.039%: −$12.42
Slippage, 4 orders: −$53.25
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$95.64
Costs to cover: 0.742%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Bybit: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy QFEX live order book, 5 min ago	3.18 bp	10.3 bp −$10	17.6 bp −$176	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.06 bp	28.3 bp −$28	108.4 bp −$1,084	doesn't fit	doesn't fit

IREN on 18 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IRENUSDT	−0.0056%	8h	47.063	−0.100%	$2.1M	$501K	20x	as long as short
Aster IRENUSDT	0.0000%	8h	47.066	−0.092%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.090	−0.042%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.070	−0.085%	$1.2M	$545K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	−0.064%	$648K	$653K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.110	0.000%	$722K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	47.102	−0.017%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.075	−0.074%	$4K	$206K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.060	−0.106%	$998	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.050	−0.127%	$9K	$834	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0003%	1h	46.990	−0.255%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.060	−0.106%	$4K	$7K	5x	as long as short
QFEX IREN-USDlong	+0.0043%	1h	47.110	long leg	$1.2M	$1.5M	10x
Lighter RH IREN	+0.0056%	1h	47.133	+0.049%	$70K	$95K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.057	−0.113%	$605K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.070	−0.085%	$739K	$236K	20x	as long as short
Phoenix IREN	+0.0340%	1h	47.041	−0.146%	$87	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0344%	1h	47.082	−0.059%	$3.2M	$2.0M	10x	as long as short