Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.048%

Price spread now: Bitget against SunX−0.057%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$175as in the Funding arb table

Net, price: spread back to 7d avg − costs−$181as in the Price arb table

costs, in and out, $10k−$1841.837% of the position

Long on SunX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 3 days (all we have)+0.077%+$8 · spread now −0.057%, 7d avg −0.084%

Together, before fees+0.170%+$17 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: Bitget is 0.027% dearer against SunX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.360	0	get 0.0000% / 8h	2h 27m	$912	$389K	10x
Short	Bitget IRENUSDT	47.333	0	get 0.0000% / 8h	2h 27m	$2.0M	$537K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.057%Rate

Funding earned: $0
Price spread: −0.057% → −0.084%: $2.68
Slippage, 4 orders: −$163.73
Fee SunX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$181.05
Costs to cover: 1.837%
Break-even: never at this rate

Slippage from SunX: live order book, 53 min ago; Bitget: 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 SunX live order book, 53 min ago	49.60 bp	70.4 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	5.39 bp	23.9 bp −$24	36.5 bp −$365	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
Aster IRENUSDT	0.0000%	8h	47.376	+0.034%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.359	−0.002%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.320	−0.084%	$1.2M	$503K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.330	−0.063%	$661K	$691K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.340	−0.042%	$741K	$1.6M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.333	−0.057%	$2.0M	$537K	20x
Variational Omni IREN	0.0000%	8h	47.363	+0.006%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.350	−0.021%	$4K	$205K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.360	long leg	$912	$389K	10x
HTX IREN-USDT	0.0000%	8h	47.330	−0.063%	$9K	$675	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	47.270	−0.190%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0018%	1h	47.330	−0.063%	$1.2M	$2.1M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.381	+0.044%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.310	−0.106%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0050%	1h	47.333	−0.057%	$622K	$126K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.360	0.000%	$751K	$144K	20x	as long as short
tradeXYZ xyz:IREN	+0.0308%	1h	47.372	+0.025%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0320%	1h	47.386	+0.055%	$85	$38K	10x	as long as short