Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.009%

Price spread now: QFEX against HTX−0.106%7-day average — · you buy dearer than you sell

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

Long on HTX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. QFEX is 0.106% cheaper against HTX than usual: you would sell low and buy high (spread −0.106% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 6.9 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX IREN-USDT	47.020	0	get 0.0000% / 8h	6h 55m	$9K	$869	20x
Short	QFEX IREN-USD	46.970	0.0051	get 0.0006% / 1h	55m 27s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against HTX. 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 HTXbpFee QFEXbpOrdersPrice spread, now −0.106%Rate

Funding earned: $10.79
Price spread: −0.106% → 0.000%: −$10.63
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$21.85
Costs to cover: 0.220%
Break-even: 21.2 days

Slippage unknown: HTX: no order-book sample; QFEX: live order book, 1 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 HTX no order-book sample	—	—	—	—	—
Sell QFEX live order book, 1 min ago	2.13 bp	9.2 bp −$9	18.8 bp −$188	doesn't fit	doesn't fit

HTX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bitget IRENUSDT	−0.0027%	8h	46.941	−0.168%	$2.1M	$642K	20x	as long as short
Vest IREN-USD-PERP	−0.0024%	1h	46.910	−0.234%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.926	−0.199%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.960	−0.128%	$1.2M	$573K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	+0.128%	$631K	$673K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.020	0.000%	$810K	$1.4M	25x	as long as short
Variational Omni IREN	0.0000%	8h	47.046	+0.055%	$183K	$101K	—	as long as short
SunX IREN-USDT	0.0000%	8h	46.990	−0.064%	$973	$322K	10x	as long as short
HTX IREN-USDTlong	0.0000%	8h	47.020	long leg	$9K	$869	20x
Lighter RH IREN	+0.0032%	1h	47.046	+0.055%	$70K	$96K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	46.934	−0.184%	$4K	$4K	5x	as long as short
Binance IRENUSDT	+0.0041%	8h	46.970	−0.106%	$3.5M	$6.5M	25x	as long as short
QFEX IREN-USDshort	+0.0051%	1h	46.970	−0.106%	$1.2M	$1.5M	10x
Paragon para:IREN	+0.0060%	1h	47.005	−0.032%	$605K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.010	−0.021%	$743K	$347K	20x	as long as short
tradeXYZ xyz:IREN	+0.0228%	1h	46.979	−0.087%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0342%	1h	46.984	−0.077%	$86	$31K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0559%	8h	47.030	+0.021%	$5K	$226K	10x	as long as short