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 0.000%

Price spread now: OKX against Bybit+0.189%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$840.844% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 4 days (all we have)−0.223%−$22 · spread now +0.189%, 7d avg +0.018%

Together, before fees−0.310%−$31 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: OKX is 0.171% dearer against Bybit than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	47.580	0	get 0.0000% / 8h	4h 10m	$1.2M	$541K	25x
Short	OKX IREN-USDT-SWAP	47.670	0	get 0.0000% / 8h	4h 10m	$649K	$620K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.189%Rate

Funding earned: $0
Price spread: +0.189% → +0.018%: $17.08
Slippage, 4 orders: −$63.41
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$67.33
Costs to cover: 0.844%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; OKX: live order book, 46 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, 1 min ago	1.05 bp	31.9 bp −$32	116.6 bp −$1,166	doesn't fit	doesn't fit
Sell OKX live order book, 46 min ago	7.37 bp	15.3 bp −$15	689.2 bp −$6,892	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	47.642	+0.130%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.630	+0.105%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.580	long leg	$1.2M	$541K	25x
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.670	+0.189%	$649K	$620K	25x
Gate IREN_USDT	0.0000%	8h	47.610	+0.063%	$726K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.551	−0.061%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.606	+0.055%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.610	+0.063%	$5K	$193K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.610	+0.063%	$715	$357K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.580	0.000%	$9K	$808	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	+0.0018%	1h	47.520	−0.126%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.632	+0.109%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.590	+0.021%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.600	+0.042%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.570	−0.021%	$612K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0091%	1h	47.608	+0.059%	$3.2M	$1.9M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.610	+0.063%	$749K	$219K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.612	+0.067%	$84	$31K	10x	as long as short