Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.083%

Price spread now: SunX against tradeXYZ−0.034%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs−$201as in the Funding arb table

Net, price: spread back to 7d avg − costs−$164as in the Price arb table

costs, in and out, $10k−$1601.605% of the position

Long on tradeXYZ Short on SunX

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)−0.152%−$15 · spread now −0.034%, 7d avg 0.000%

Together, before fees−0.561%+ Points / potential airdroptradeXYZ: Active · farm board−$56 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 SunX is 0.033% cheaper against tradeXYZ than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	47.636	0.0094	pay 0.0012% / 1h	8m 05s	$3.2M	$1.9M	10x
Short	SunX IREN-USDT	47.620	0	get 0.0000% / 8h	4h 08m	$736	$357K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$19.78
Price spread: −0.034% → 0.000%: −$3.32
Slippage, 4 orders: −$134.48
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee SunX: 4 bp × 2 orders: −$8
Net: −$183.58
Costs to cover: 1.605%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 9 min ago; SunX: live order book, 13 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	2.00 bp	12.2 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 13 min ago	48.30 bp	67.0 bp −$67	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
Aster IRENUSDT	0.0000%	8h	47.672	+0.076%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.640	+0.008%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.630	−0.013%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.670	+0.071%	$649K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.620	−0.034%	$727K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.593	−0.090%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.606	−0.063%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.593	−0.089%	$5K	$193K	10x	as long as short
SunX IREN-USDTshort	0.0000%	8h	47.620	−0.034%	$736	$357K	10x
HTX IREN-USDT	0.0000%	8h	47.580	−0.118%	$9K	$807	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	+0.0018%	1h	47.550	−0.181%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.673	+0.078%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.620	−0.034%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.610	−0.055%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.590	−0.097%	$612K	$182K	10x	as long as short
tradeXYZ xyz:IRENlong	+0.0094%	1h	47.636	long leg	$3.2M	$1.9M	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.620	−0.034%	$749K	$220K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.610	−0.055%	$88	$31K	10x	as long as short