Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h +0.009%

Price spread now: QFEX against Gate−0.022%7-day average −0.053% · 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−$65as in the Price arb table

costs, in and out, $10k−$680.678% of the position

Long on Gate Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.096%−$10 on $10k

Price spread, last 7 days−0.033%−$3 · spread now −0.022%, 7d avg −0.053%

Together, before fees−0.129%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.031% dearer against Gate than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.053%. Mind the row above: over the last 4 days funding on this pair cost −0.096%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IREN_USDT	46.360	0	get 0.0000% / 8h	7h 36m	$813K	$1.3M	25x
Short	QFEX IREN-USD	46.350	0.0068	get 0.0009% / 1h	36m 27s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Gate. 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 GatebpFee QFEXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $14.36
Price spread: −0.022% → −0.053%: $3.11
Slippage, 4 orders: −$42.82
Fee Gate: 7.5 bp × 2 orders: −$15
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$50.35
Costs to cover: 0.678%
Break-even: 31.5 days

Slippage from Gate: live order book, 1 min ago; QFEX: live order book, 5 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 Gate live order book, 1 min ago	7.55 bp	25.9 bp −$26	52.0 bp −$520	75.3 bp −$7,533	doesn't fit
Sell QFEX live order book, 5 min ago	4.30 bp	9.8 bp −$10	20.6 bp −$206	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
Paragon para:IREN	−0.0130%	1h	46.342	−0.038%	$596K	$177K	10x	as long as short
Bitget IRENUSDT	−0.0129%	8h	46.283	−0.166%	$2.1M	$567K	20x	as long as short
Vest IREN-USD-PERP	−0.0015%	1h	46.260	−0.216%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.372	+0.026%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.314	−0.099%	$3.5M	$6.3M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.290	−0.151%	$1.2M	$568K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.350	−0.022%	$620K	$648K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	46.360	long leg	$813K	$1.3M	25x
Variational Omni IREN	0.0000%	8h	46.487	+0.275%	$181K	$101K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.447	+0.188%	$4K	$223K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IREN-USDT	0.0000%	8h	46.420	+0.129%	$1K	$327K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.400	+0.086%	$9K	$873	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.297	−0.136%	$4K	$7K	5x	as long as short
QFEX IREN-USDshort	+0.0068%	1h	46.350	−0.022%	$1.2M	$1.5M	10x
Lighter RH IREN	+0.0080%	1h	46.373	+0.028%	$69K	$98K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.370	+0.022%	$732K	$306K	20x	as long as short
tradeXYZ xyz:IREN	+0.0199%	1h	46.332	−0.060%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0342%	1h	46.387	+0.058%	$82	$31K	10x	as long as short