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: Bitget against OKX−0.105%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

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

Long on OKX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.238%+$24 · spread now −0.105%, 7d avg −0.080%

Together, before fees+0.262%+$26 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: Bitget is 0.026% cheaper against OKX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	47.470	0	get 0.0000% / 8h	3h 44m	$661K	$635K	25x
Short	Bitget IRENUSDT	47.420	0	get 0.0000% / 8h	3h 44m	$2.1M	$495K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against OKX. 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 OKXbpFee BitgetbpOrdersPrice spread, now −0.105%Rate

Funding earned: $0
Price spread: −0.105% → −0.080%: −$2.55
Slippage, 4 orders: −$62.43
Fee OKX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$86.98
Costs to cover: 0.844%
Break-even: never at this rate

Slippage from OKX: live order book, 6 min ago; Bitget: 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 OKX live order book, 6 min ago	5.27 bp	18.6 bp −$19	1230.1 bp −$12.3K	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	2.42 bp	23.2 bp −$23	doesn't fit	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	47.468	−0.005%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.430	−0.084%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.400	−0.147%	$1.2M	$538K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.470	long leg	$661K	$635K	25x
Gate IREN_USDT	0.0000%	8h	47.440	−0.063%	$721K	$1.2M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.420	−0.105%	$2.1M	$495K	20x
Variational Omni IREN	0.0000%	8h	47.497	+0.056%	$212K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.450	−0.042%	$5K	$198K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.420	−0.105%	$970	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.460	−0.021%	$9K	$816	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0011%	1h	47.420	−0.105%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERP	+0.0019%	1h	47.360	−0.232%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.480	+0.021%	$68K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.390	−0.169%	$4K	$7K	5x	as long as short
tradeXYZ xyz:IREN	+0.0070%	1h	47.425	−0.095%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.440	−0.063%	$746K	$224K	20x	as long as short
Paragon para:IREN	+0.0133%	1h	47.400	−0.147%	$609K	$182K	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.480	+0.021%	$85	$31K	10x	as long as short