Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h +0.006%

Price spread now: QFEX against Binance−0.068%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.098%−$10 on $10k

Price spread, last 2 days (all we have)−0.019%−$2 · spread now −0.068%, 7d avg −0.033%

Together, before fees−0.116%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and QFEX is 0.036% cheaper against Binance than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IRENUSDT	47.613	0.0061	pay 0.0061% / 8h	7h 22m	$3.5M	$6.2M	25x
Short	QFEX IREN-USD	47.580	0.0045	get 0.0006% / 1h	22m 38s	$1.2M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$3.21
Price spread: −0.068% → −0.033%: −$3.58
Slippage, 4 orders: −$21.2
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$47.99
Costs to cover: 0.412%
Break-even: never at this rate

Slippage from Binance: live order book, 16 min ago; QFEX: live order book, 4 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, 16 min ago	2.10 bp	10.1 bp −$10	49.3 bp −$493	607.7 bp −$60.8K	doesn't fit
Sell QFEX live order book, 4 min ago	3.14 bp	8.9 bp −$9	17.8 bp −$178	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	47.692	+0.166%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.600	−0.026%	$1.2M	$469K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.610	−0.005%	$659K	$636K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.600	−0.026%	$746K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.594	−0.039%	$2.0M	$434K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.697	+0.178%	$209K	$86K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.610	−0.005%	$955	$363K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.580	−0.068%	$9K	$737	20x	as long as short
Vest IREN-USD-PERP	+0.0001%	1h	47.530	−0.173%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.643	+0.064%	$68K	$108K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.565	−0.100%	$4K	$8K	5x	as long as short
QFEX IREN-USDshort	+0.0045%	1h	47.580	−0.068%	$1.2M	$2.0M	10x
Paragon para:IREN	+0.0060%	1h	47.577	−0.074%	$639K	$146K	10x	as long as short
Binance IRENUSDTlong	+0.0061%	8h	47.613	long leg	$3.5M	$6.2M	25x
KuCoin IRENUSDTM	+0.0100%	8h	47.640	+0.058%	$751K	$164K	20x	as long as short
GRVT IREN_USDT_Perp	+0.0280%	8h	47.649	+0.077%	$5K	$182K	10x	as long as short
Phoenix IREN	+0.0337%	1h	47.690	+0.163%	$84	$35K	10x	as long as short
tradeXYZ xyz:IREN	+0.0492%	1h	47.594	−0.039%	$3.2M	$1.9M	10x	as long as short