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: Binance against Bitget+0.126%7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

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

Long on Bitget Short on Binance

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)+0.075%+$8 · spread now +0.126%, 7d avg +0.091%

Together, before fees+0.088%+$9 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: Binance is 0.035% dearer against Bitget than usual: you sell high and buy low, +$4 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	Bitget IRENUSDT	47.327	0	get 0.0000% / 8h	3h 31m	$2.0M	$527K	20x
Short	Binance IRENUSDT	47.387	0	get 0.0000% / 8h	3h 31m	$3.4M	$6.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bitget. 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 BitgetbpFee BinancebpOrdersPrice spread, now +0.126%Rate

Funding earned: $0
Price spread: +0.126% → +0.091%: $3.51
Slippage, 4 orders: −$59.74
Fee Bitget: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$78.23
Costs to cover: 0.817%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Binance: 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 Bitget live order book, 2 min ago	6.12 bp	25.9 bp −$26	39.9 bp −$399	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	3.17 bp	12.9 bp −$13	51.6 bp −$516	148.9 bp −$14.9K	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	47.366	+0.081%	$28K	$3K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	47.387	+0.126%	$3.4M	$6.7M	25x
Bybit IRENUSDT	0.0000%	8h	47.370	+0.091%	$1.2M	$500K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	+0.133%	$660K	$690K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.360	+0.070%	$715K	$1.6M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.327	long leg	$2.0M	$527K	20x
Variational Omni IREN	0.0000%	8h	47.351	+0.050%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.340	+0.028%	$5K	$199K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.380	+0.112%	$917	$388K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.350	+0.049%	$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	47.290	−0.078%	—	$12K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.422	+0.201%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.325	−0.004%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.360	+0.070%	$1.2M	$2.0M	10x	as long as short
tradeXYZ xyz:IREN	+0.0050%	1h	47.361	+0.072%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.340	+0.028%	$622K	$125K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.340	+0.027%	$738K	$141K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.356	+0.061%	$85	$38K	10x	as long as short