Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.021%

Price spread now: QFEX against KuCoin+0.043%7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1191.185% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.190%−$19 on $10k

Price spread, last 4 days (all we have)−0.065%−$7 · spread now +0.043%, 7d avg −0.036%

Together, before fees−0.255%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.079% dearer against KuCoin than usual: you sell high and buy low (spread +0.043% now, against its 7-day average of −0.036%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 4 days (−0.190% in total) that is about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin IRENUSDTM	46.730	0.0100	pay 0.0100% / 8h	1h 38m	$735K	$258K	20x
Short	QFEX IREN-USD	46.750	0.0032	get 0.0004% / 1h	38m 20s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$14.2
Price spread: +0.043% → −0.036%: $7.87
Slippage, 4 orders: −$96.51
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$124.83
Costs to cover: 1.185%
Break-even: never at this rate

Slippage from KuCoin: live order book, 31 min ago; QFEX: live order book, 3 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 KuCoin live order book, 31 min ago	8.52 bp	64.1 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	2.14 bp	7.1 bp −$7	15.1 bp −$151	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
Bitget IRENUSDT	−0.0337%	8h	46.692	−0.081%	$2.1M	$524K	20x	as long as short
Vest IREN-USD-PERP	−0.0007%	1h	46.640	−0.193%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.782	+0.111%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.731	+0.001%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.720	−0.021%	$1.2M	$550K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.700	−0.064%	$622K	$688K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.750	+0.043%	$718K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.802	+0.154%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.820	+0.192%	$5K	$215K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.830	+0.214%	$863	$343K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.730	0.000%	$9K	$863	20x	as long as short
QFEX IREN-USDshort	+0.0032%	1h	46.750	+0.043%	$1.2M	$1.5M	10x
Extended IREN_24_5-USD	+0.0040%	1h	46.685	−0.096%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	46.726	−0.008%	$601K	$182K	10x	as long as short
KuCoin IRENUSDTMlong	+0.0100%	8h	46.730	long leg	$735K	$258K	20x
tradeXYZ xyz:IREN	+0.0232%	1h	46.700	−0.064%	$3.1M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0272%	1h	46.780	+0.107%	$70K	$96K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.792	+0.133%	$89	$31K	10x	as long as short