Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.057%

Price spread now: Bitget against Binance−0.139%7-day average −0.091% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$820.817% of the position

Long on Binance Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 2 days (all we have)−0.062%−$6 · spread now −0.139%, 7d avg −0.091%

Together, before fees−0.075%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.048% cheaper against Binance than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.091%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IRENUSDT	47.456	0	get 0.0000% / 8h	3h 30m	$3.5M	$6.7M	25x
Short	Bitget IRENUSDT	47.390	0	get 0.0000% / 8h	3h 30m	$2.0M	$527K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Binance. 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 BinancebpFee BitgetbpOrdersPrice spread, now −0.139%Rate

Funding earned: $0
Price spread: −0.139% → −0.091%: −$4.84
Slippage, 4 orders: −$59.74
Fee Binance: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$86.58
Costs to cover: 0.817%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Bitget: live order book, 2 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 Binance live order book, 14 min ago	3.17 bp	12.9 bp −$13	47.3 bp −$473	169.2 bp −$16.9K	doesn't fit
Sell Bitget live order book, 2 min ago	6.12 bp	30.1 bp −$30	54.4 bp −$544	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	47.407	−0.103%	$28K	$3K	20x	as long as short
Binance IRENUSDTlong	0.0000%	8h	47.456	long leg	$3.5M	$6.7M	25x
Bybit IRENUSDT	0.0000%	8h	47.430	−0.055%	$1.2M	$502K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	−0.013%	$661K	$691K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.410	−0.097%	$733K	$1.6M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.390	−0.139%	$2.0M	$527K	20x
Variational Omni IREN	0.0000%	8h	47.384	−0.151%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.340	−0.245%	$5K	$199K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	−0.013%	$918	$388K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.350	−0.224%	$9K	$649	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	+0.0013%	1h	47.370	−0.182%	—	$12K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.487	+0.065%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.398	−0.123%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.380	−0.161%	$1.2M	$2.0M	10x	as long as short
tradeXYZ xyz:IREN	+0.0050%	1h	47.437	−0.040%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.338	−0.249%	$622K	$125K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.400	−0.118%	$738K	$141K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.356	−0.211%	$85	$38K	10x	as long as short