Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.008%

Price spread now: QFEX against Bitget+0.040%56s7-day average +0.030% · you sell dearer than you buy

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

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.038%−$4 on $10k

Price spread, last 7 days+0.010%+$1 · spread now +0.040%, 7d avg +0.030%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IRENUSDT	47.091	0	get 0.0000% / 8h	3h 06m	$2.1M	$499K	20x
Short	QFEX IREN-USD	47.110	0.0011	get 0.0001% / 1h	6m 48s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.040%Rate

Funding earned: $2.23
Price spread: +0.040% → +0.030%: $1.06
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$18.71
Costs to cover: 0.220%
Break-even: 65.6 days

Slippage unknown: Bitget: live order book, 5 min ago; QFEX: live order book, 5 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 Bitget live order book, 5 min ago	2.02 bp	31.9 bp −$32	83.2 bp −$832	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	2.12 bp	7.1 bp −$7	16.7 bp −$167	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	47.113	+0.047%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.080	−0.023%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.070	−0.045%	$1.2M	$544K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	−0.023%	$648K	$649K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.120	+0.062%	$715K	$1.2M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.091	long leg	$2.1M	$499K	20x
Variational Omni IREN	0.0000%	8h	47.146	+0.117%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.110	+0.040%	$4K	$204K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.130	+0.083%	$978	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.070	−0.045%	$9K	$830	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	+0.0009%	1h	47.010	−0.172%	—	$15K	10x	as long as short
QFEX IREN-USDshort	+0.0011%	1h	47.110	+0.040%	$1.2M	$1.5M	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.080	−0.023%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0056%	1h	47.179	+0.187%	$69K	$97K	10x	as long as short
Paragon para:IREN	+0.0071%	1h	47.111	+0.043%	$606K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.090	−0.002%	$740K	$231K	20x	as long as short
tradeXYZ xyz:IREN	+0.0166%	1h	47.140	+0.104%	$3.2M	$2.0M	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.109	+0.038%	$85	$31K	10x	as long as short