Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Binance against SunX−0.043%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1651.651% of the position

Long on SunX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.043%, 7d avg −0.016%

Together, before fees+0.189%+$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.027% cheaper against SunX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	46.890	0	get 0.0000% / 8h	39m 18s	$1K	$337K	10x
Short	Binance IRENUSDT	46.870	0	get 0.0000% / 8h	39m 18s	$3.5M	$6.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against SunX. 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 SunXbpFee BinancebpOrdersPrice spread, now −0.043%Rate

Funding earned: $0
Price spread: −0.043% → −0.016%: −$2.65
Slippage, 4 orders: −$147.13
Fee SunX: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$167.79
Costs to cover: 1.651%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; Binance: live order book, 14 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 SunX live order book, 11 min ago	47.02 bp	65.6 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	2.14 bp	12.6 bp −$13	35.0 bp −$350	147.9 bp −$14.8K	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	−0.0247%	8h	46.832	−0.124%	$2.1M	$532K	20x	as long as short
Vest IREN-USD-PERP	−0.0001%	1h	46.770	−0.256%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.909	+0.041%	$24K	$9K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	46.870	−0.043%	$3.5M	$6.2M	25x
Bybit IRENUSDT	0.0000%	8h	46.850	−0.085%	$1.2M	$552K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.910	+0.043%	$626K	$690K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.900	+0.021%	$754K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.911	+0.044%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.900	+0.021%	$5K	$219K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	46.890	long leg	$1K	$337K	10x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.860	−0.064%	$9K	$880	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.830	−0.128%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.860	−0.064%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0048%	1h	46.895	+0.011%	$70K	$97K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.834	−0.119%	$602K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.860	−0.064%	$737K	$264K	20x	as long as short
tradeXYZ xyz:IREN	+0.0136%	1h	46.843	−0.100%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.864	−0.055%	$83	$31K	10x	as long as short