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: Bybit against OKX−0.043%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$990.993% of the position

Long on OKX Short on Bybit

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)+0.048%+$5 · spread now −0.043%, 7d avg −0.021%

Together, before fees+0.135%+$13 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: Bybit is 0.022% cheaper against OKX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	46.770	0	get 0.0000% / 8h	1h 39m	$624K	$688K	25x
Short	Bybit IRENUSDT	46.750	0	get 0.0000% / 8h	1h 39m	$1.2M	$550K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.043%Rate

Funding earned: $0
Price spread: −0.043% → −0.021%: −$2.17
Slippage, 4 orders: −$78.28
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$101.45
Costs to cover: 0.993%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Bybit: live order book, 1 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, 2 min ago	4.28 bp	30.6 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.14 bp	24.1 bp −$24	100.3 bp −$1,003	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	−0.0331%	8h	46.727	−0.092%	$2.1M	$522K	20x	as long as short
Vest IREN-USD-PERP	−0.0007%	1h	46.650	−0.257%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.804	+0.074%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.770	0.000%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	46.750	−0.043%	$1.2M	$550K	25x
OKX IREN-USDT-SWAPlong	0.0000%	8h	46.770	long leg	$624K	$688K	25x
Gate IREN_USDT	0.0000%	8h	46.760	−0.021%	$718K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.802	+0.068%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.820	+0.106%	$5K	$215K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.830	+0.128%	$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	−0.086%	$9K	$863	20x	as long as short
QFEX IREN-USD	+0.0032%	1h	46.750	−0.043%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.705	−0.139%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	46.717	−0.113%	$601K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.760	−0.021%	$735K	$258K	20x	as long as short
tradeXYZ xyz:IREN	+0.0241%	1h	46.748	−0.047%	$3.1M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0288%	1h	46.809	+0.083%	$70K	$96K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.792	+0.047%	$89	$31K	10x	as long as short