Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.083%

Price spread now: OKX against tradeXYZ+0.057%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$650.646% of the position

Long on tradeXYZ Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.339%−$34 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.057%, 7d avg +0.006%

Together, before fees−0.423%+ Points / potential airdroptradeXYZ: Active · farm board−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.052% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of +0.006%): +$5 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	46.983	0.0199	pay 0.0025% / 1h	8m 56s	$3.1M	$2.0M	10x
Short	OKX IREN-USDT-SWAP	47.010	0	get 0.0000% / 8h	2h 08m	$627K	$692K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$41.81
Price spread: +0.057% → +0.006%: $5.17
Slippage, 4 orders: −$36.65
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee OKX: 5 bp × 2 orders: −$10
Net: −$101.28
Costs to cover: 0.646%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 9 min ago; OKX: live order book, 37 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, 9 min ago	2.45 bp	12.4 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 37 min ago	4.26 bp	23.3 bp −$23	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	−0.0390%	8h	46.978	−0.011%	$2.1M	$520K	20x	as long as short
Vest IREN-USD-PERP	−0.0008%	1h	46.920	−0.134%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.010	+0.058%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.005	+0.047%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.000	+0.036%	$1.2M	$553K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.010	+0.057%	$627K	$692K	25x
Gate IREN_USDT	0.0000%	8h	47.010	+0.057%	$720K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.977	−0.013%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.985	+0.004%	$5K	$210K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.010	+0.057%	$1K	$345K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.940	−0.092%	$9K	$848	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.960	−0.049%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	47.020	+0.079%	$1.2M	$1.6M	10x	as long as short
Lighter RH IREN	+0.0056%	1h	47.007	+0.051%	$70K	$98K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.979	−0.008%	$604K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.990	+0.015%	$739K	$251K	20x	as long as short
tradeXYZ xyz:IRENlong	+0.0199%	1h	46.983	long leg	$3.1M	$2.0M	10x
Phoenix IREN	+0.0340%	1h	46.963	−0.043%	$82	$31K	10x	as long as short