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 +0.181%

Price spread now: Bybit against SunX−0.063%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$180as in the Price arb table

costs, in and out, $10k−$1751.746% of the position

Long on SunX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.155%+$15 on $10k

Price spread, last 3 days (all we have)+0.063%+$6 · spread now −0.063%, 7d avg −0.011%

Together, before fees+0.218%+$22 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: Bybit is 0.052% cheaper against SunX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.450	0	get 0.0000% / 8h	49m 04s	$1K	$388K	10x
Short	Bybit IRENUSDT	47.420	0	get 0.0000% / 8h	49m 04s	$1.2M	$497K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.063%Rate

Funding earned: $0
Price spread: −0.063% → −0.011%: −$5.18
Slippage, 4 orders: −$155.59
Fee SunX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$179.76
Costs to cover: 1.746%
Break-even: never at this rate

Slippage from SunX: live order book, 12 min ago; Bybit: live order book, 2 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, 12 min ago	47.43 bp	67.0 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.11 bp	23.0 bp −$23	131.5 bp −$1,315	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
Vest IREN-USD-PERP	−0.0001%	1h	47.350	−0.211%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.434	−0.035%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.450	0.000%	$3.5M	$6.6M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.420	−0.063%	$1.2M	$497K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	0.000%	$662K	$682K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.450	0.000%	$737K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.415	−0.074%	$2.0M	$524K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.454	+0.009%	$207K	$88K	—	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.450	long leg	$1K	$388K	10x
HTX IREN-USDT	0.0000%	8h	47.420	−0.063%	$9K	$706	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0006%	8h	47.451	+0.001%	$4K	$191K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.420	−0.063%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.405	−0.096%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.408	−0.089%	$637K	$147K	10x	as long as short
Lighter RH IREN	+0.0072%	1h	47.470	+0.042%	$68K	$111K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.450	0.000%	$746K	$153K	20x	as long as short
tradeXYZ xyz:IREN	+0.0350%	1h	47.437	−0.027%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0388%	1h	47.476	+0.055%	$85	$38K	10x	as long as short