Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.083%

Price spread now: Bybit against tradeXYZ−0.067%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$700.698% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.254%−$25 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.067%, 7d avg +0.008%

Together, before fees−0.237%+ Points / potential airdroptradeXYZ: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.075% cheaper against tradeXYZ than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	47.552	0.0092	pay 0.0011% / 1h	36m 09s	$3.2M	$2.0M	10x
Short	Bybit IRENUSDT	47.520	0	get 0.0000% / 8h	4h 36m	$1.2M	$541K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$19.28
Price spread: −0.067% → +0.008%: −$7.54
Slippage, 4 orders: −$40.78
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$96.61
Costs to cover: 0.698%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 2 min ago; Bybit: live order book, 5 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, 2 min ago	2.63 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.05 bp	13.9 bp −$14	107.9 bp −$1,079	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	47.566	+0.029%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.560	+0.017%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.520	−0.067%	$1.2M	$541K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	−0.151%	$645K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.550	−0.004%	$724K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.506	−0.097%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.541	−0.023%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.553	+0.001%	$4K	$189K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.560	+0.017%	$874	$357K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.560	+0.017%	$9K	$798	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	+0.0014%	1h	47.500	−0.109%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.568	+0.034%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.545	−0.015%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.540	−0.025%	$1.2M	$1.7M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.530	−0.046%	$611K	$182K	10x	as long as short
tradeXYZ xyz:IRENlong	+0.0092%	1h	47.552	long leg	$3.2M	$2.0M	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.540	−0.025%	$748K	$218K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.601	+0.103%	$84	$31K	10x	as long as short