Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.008%

Price spread now: QFEX against Aster−0.029%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aster Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. QFEX is 0.029% cheaper against Aster than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2.2 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster IRENUSDT	47.564	0	get 0.0000% / 8h	4h 37m	$29K	$4K	20x
Short	QFEX IREN-USD	47.550	0.0044	get 0.0005% / 1h	37m 40s	$1.2M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Aster. 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 AsterbpFee QFEXbpOrdersPrice spread, now −0.029%Rate

Funding earned: $9.19
Price spread: −0.029% → 0.000%: −$2.92
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$11.73
Costs to cover: 0.180%
Break-even: 15.9 days

Slippage unknown: Aster: no order-book sample; QFEX: live order book, 9 min ago. Net counts fees only.

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 Aster no order-book sample	—	—	—	—	—
Sell QFEX live order book, 9 min ago	2.11 bp	9.3 bp −$9	17.5 bp −$175	doesn't fit	doesn't fit

Aster: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 IRENUSDTlong	0.0000%	8h	47.564	long leg	$29K	$4K	20x
Binance IRENUSDT	0.0000%	8h	47.560	−0.008%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.530	−0.071%	$1.2M	$540K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	−0.176%	$645K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.540	−0.050%	$724K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.515	−0.103%	$2.0M	$416K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.541	−0.048%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.553	−0.024%	$4K	$189K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.550	−0.029%	$999	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.560	−0.008%	$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	−0.134%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.572	+0.017%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.550	−0.029%	$4K	$7K	5x	as long as short
QFEX IREN-USDshort	+0.0044%	1h	47.550	−0.029%	$1.2M	$1.7M	10x
Paragon para:IREN	+0.0060%	1h	47.530	−0.071%	$611K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0093%	1h	47.566	+0.004%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.550	−0.029%	$748K	$217K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.592	+0.059%	$85	$31K	10x	as long as short