Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h +0.055%

Price spread now: Gate against QFEX0.000%7-day average +0.052% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$510.515% of the position

Long on QFEX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.099%+$10 on $10k

Price spread, last 7 days+0.004%$0 · spread now 0.000%, 7d avg +0.052%

Together, before fees+0.103%+$10 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 Gate is 0.052% cheaper against QFEX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.052%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.099%, 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	47.380	0.0029	pay 0.0004% / 1h	21m 23s	$1.2M	$1.8M	10x
Short	Gate IREN_USDT	47.380	0	get 0.0000% / 8h	6h 21m	$724K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now 0.000%Rate

Funding earned: −$6.17
Price spread: 0.000% → +0.052%: −$5.17
Slippage, 4 orders: −$26.47
Fee QFEX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$62.81
Costs to cover: 0.515%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Gate: live order book, 1 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, 6 min ago	3.17 bp	8.2 bp −$8	14.4 bp −$144	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	4.22 bp	17.6 bp −$18	73.6 bp −$736	121.1 bp −$12.1K	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
Aster IRENUSDT	0.0000%	8h	47.499	+0.252%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.370	−0.021%	$1.2M	$523K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.410	+0.063%	$648K	$634K	25x	as long as short
Gate IREN_USDTshort	0.0000%	8h	47.380	0.000%	$724K	$1.2M	25x
Bitget IRENUSDT	0.0000%	8h	47.380	0.000%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.412	+0.068%	$209K	$84K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.372	−0.017%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.350	−0.063%	$942	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.250	−0.274%	$9K	$760	20x	as long as short
Vest IREN-USD-PERP	+0.0003%	1h	47.310	−0.148%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance IRENUSDT	+0.0009%	8h	47.380	0.000%	$3.4M	$6.2M	25x	as long as short
QFEX IREN-USDlong	+0.0029%	1h	47.380	long leg	$1.2M	$1.8M	10x
Lighter RH IREN	+0.0032%	1h	47.419	+0.082%	$68K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.360	−0.042%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.370	−0.021%	$744K	$184K	20x	as long as short
tradeXYZ xyz:IREN	+0.0259%	1h	47.367	−0.027%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0334%	1h	47.358	−0.047%	$599K	$172K	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.393	+0.027%	$83	$31K	10x	as long as short