Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0157%/8h= −17.2% APRpaid last 24h −0.081%

Price spread now: Binance against tradeXYZ+0.078%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on tradeXYZ Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.301%−$30 on $10k

Price spread, last 7 days−0.137%−$14 · spread now +0.078%, 7d avg +0.046%

Together, before fees−0.438%+ Points / potential airdroptradeXYZ: Active · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.033% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.078% now, against its 7-day average of +0.046%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	47.243	0.0157	pay 0.0020% / 1h	13m 27s	$3.2M	$2.0M	10x
Short	Binance IRENUSDT	47.280	0	get 0.0000% / 8h	3h 13m	$3.4M	$6.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against tradeXYZ. 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 tradeXYZbpFee BinancebpOrdersPrice spread, now +0.078%Rate

Funding earned: −$32.98
Price spread: +0.078% → +0.046%: $3.27
Slippage, 4 orders: −$24.68
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Binance: 5 bp × 2 orders: −$10
Net: −$82.4
Costs to cover: 0.527%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 4 min ago; Binance: live order book, 10 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 tradeXYZ live order book, 4 min ago	2.43 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	1.06 bp	12.9 bp −$13	43.6 bp −$436	386.4 bp −$38.6K	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	47.257	+0.030%	$29K	$4K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	47.280	+0.078%	$3.4M	$6.1M	25x
Bybit IRENUSDT	0.0000%	8h	47.260	+0.036%	$1.2M	$539K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.320	+0.163%	$651K	$651K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.280	+0.078%	$717K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.264	+0.044%	$2.1M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.277	+0.071%	$211K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.280	+0.078%	$4K	$204K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.270	+0.057%	$1K	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.250	+0.015%	$9K	$828	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0011%	1h	47.270	+0.057%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERP	+0.0011%	1h	47.170	−0.155%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.220	−0.049%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0064%	1h	47.307	+0.135%	$69K	$97K	10x	as long as short
Paragon para:IREN	+0.0072%	1h	47.225	−0.038%	$607K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.260	+0.036%	$742K	$229K	20x	as long as short
tradeXYZ xyz:IRENlong	+0.0157%	1h	47.243	long leg	$3.2M	$2.0M	10x
Phoenix IREN	+0.0286%	1h	47.278	+0.074%	$85	$31K	10x	as long as short