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 +0.008%

Price spread now: QFEX against SunX−0.084%7-day average −0.024% · 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−$165as in the Price arb table

costs, in and out, $10k−$1591.594% of the position

Long on SunX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 3 days (all we have)+0.113%+$11 · spread now −0.084%, 7d avg −0.024%

Together, before fees+0.122%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.060% cheaper against SunX than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of −0.024%). If the spread goes back, that is −$6 on $10k: about 6.8 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.009% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.390	0	get 0.0000% / 8h	5h 58m	$1K	$358K	10x
Short	QFEX IREN-USD	47.350	0.0029	get 0.0004% / 1h	58m 51s	$1.2M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.084%Rate

Funding earned: $6.17
Price spread: −0.084% → −0.024%: −$6.02
Slippage, 4 orders: −$141.44
Fee SunX: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$159.29
Costs to cover: 1.594%
Break-even: 187.8 days

Slippage from SunX: live order book, 42 min ago; QFEX: live order book, 3 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, 42 min ago	48.62 bp	69.4 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	3.16 bp	10.3 bp −$10	17.1 bp −$171	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	47.468	+0.165%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.410	+0.042%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.370	−0.042%	$1.2M	$523K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	0.000%	$646K	$627K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.380	−0.021%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.365	−0.053%	$2.0M	$431K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.392	+0.004%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.394	+0.009%	$5K	$180K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.390	long leg	$1K	$358K	10x
HTX IREN-USDT	0.0000%	8h	47.380	−0.021%	$9K	$764	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	+0.0005%	1h	47.270	−0.253%	—	$15K	10x	as long as short
QFEX IREN-USDshort	+0.0029%	1h	47.350	−0.084%	$1.2M	$1.8M	10x
Lighter RH IREN	+0.0032%	1h	47.420	+0.063%	$69K	$95K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.330	−0.127%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0095%	1h	47.350	−0.084%	$609K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.370	−0.042%	$745K	$191K	20x	as long as short
Phoenix IREN	+0.0353%	1h	47.417	+0.057%	$85	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0426%	1h	47.401	+0.023%	$3.2M	$1.9M	10x	as long as short