Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Binance against Bybit+0.040%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$680.682% of the position

Long on Bybit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 2 days (all we have)−0.022%−$2 · spread now +0.040%, 7d avg +0.016%

Together, before fees−0.070%−$7 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 0.024% dearer against Bybit than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	47.430	0	get 0.0000% / 8h	5h 52m	$1.2M	$539K	25x
Short	Binance IRENUSDT	47.449	0	get 0.0000% / 8h	5h 52m	$3.4M	$6.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bybit. 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 BybitbpFee BinancebpOrdersPrice spread, now +0.040%Rate

Funding earned: $0
Price spread: +0.040% → +0.016%: $2.41
Slippage, 4 orders: −$47.21
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Binance: 5 bp × 2 orders: −$10
Net: −$65.8
Costs to cover: 0.682%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Binance: live order book, 1 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 Bybit live order book, 4 min ago	2.11 bp	15.0 bp −$15	104.4 bp −$1,044	doesn't fit	doesn't fit
Sell Binance live order book, 1 min ago	1.05 bp	15.2 bp −$15	50.5 bp −$505	412.7 bp −$41.3K	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	47.520	+0.189%	$29K	$4K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	47.449	+0.040%	$3.4M	$6.2M	25x
Bybit IRENUSDTlong	0.0000%	8h	47.430	long leg	$1.2M	$539K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	−0.084%	$646K	$626K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.440	+0.021%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.410	−0.042%	$2.0M	$431K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.427	−0.006%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.412	−0.037%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.440	+0.021%	$1K	$356K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.410	−0.042%	$9K	$769	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	+0.0005%	1h	47.350	−0.169%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.430	0.000%	$1.2M	$1.8M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.375	−0.116%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.370	−0.125%	$609K	$182K	10x	as long as short
Lighter RH IREN	+0.0088%	1h	47.456	+0.055%	$69K	$96K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.400	−0.063%	$745K	$195K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.429	−0.002%	$87	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0507%	1h	47.431	+0.002%	$3.2M	$1.9M	10x	as long as short