Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0238%/8h= +26.0% APRpaid last 24h +0.085%

Price spread now: tradeXYZ against SunX−0.218%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$183as in the Price arb table

costs, in and out, $10k−$1621.617% of the position

Long on SunX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.409%+$41 on $10k

Price spread, last 4 days (all we have)+0.320%+$32 · spread now −0.218%, 7d avg −0.003%

Together, before fees+0.729%+ Points / potential airdroptradeXYZ: Active · farm board+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.215% cheaper against SunX than usual: you would sell low and buy high (spread −0.218% now, against its 7-day average of −0.003%). If the spread goes back, that is −$22 on $10k: about 3.0 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	46.830	0	get 0.0000% / 8h	1h 38m	$863	$343K	10x
Short	tradeXYZ xyz:IREN	46.728	0.0238	get 0.0030% / 1h	38m 38s	$3.1M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.218%Rate

Funding earned: $49.89
Price spread: −0.218% → −0.003%: −$21.51
Slippage, 4 orders: −$135.7
Fee SunX: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$133.32
Costs to cover: 1.617%
Break-even: 25.7 days

Slippage from SunX: live order book, 22 min ago; tradeXYZ: live order book, 9 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, 22 min ago	47.88 bp	66.4 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 9 min ago	1.82 bp	15.7 bp −$16	doesn't fit	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
Bitget IRENUSDT	−0.0337%	8h	46.705	−0.267%	$2.1M	$524K	20x	as long as short
Vest IREN-USD-PERP	−0.0007%	1h	46.650	−0.384%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.799	−0.066%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.740	−0.192%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.750	−0.171%	$1.2M	$550K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	−0.128%	$624K	$688K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.750	−0.171%	$718K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.802	−0.060%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.820	−0.022%	$5K	$215K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	46.830	long leg	$863	$343K	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	46.730	−0.214%	$9K	$863	20x	as long as short
QFEX IREN-USD	+0.0032%	1h	46.750	−0.171%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.705	−0.267%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	46.726	−0.221%	$601K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.750	−0.171%	$735K	$258K	20x	as long as short
tradeXYZ xyz:IRENshort	+0.0238%	1h	46.728	−0.218%	$3.1M	$2.0M	10x
Lighter RH IREN	+0.0288%	1h	46.767	−0.135%	$70K	$96K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.792	−0.081%	$89	$31K	10x	as long as short