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 +0.063%

Price spread now: Gate against OKX+0.043%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1081.078% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.043%, 7d avg +0.012%

Together, before fees+0.121%+$12 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: Gate is 0.031% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	46.850	0	get 0.0000% / 8h	48m 27s	$625K	$689K	25x
Short	Gate IREN_USDT	46.870	0	get 0.0000% / 8h	48m 27s	$718K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.043%Rate

Funding earned: $0
Price spread: +0.043% → +0.012%: $3.07
Slippage, 4 orders: −$82.84
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$104.77
Costs to cover: 1.078%
Break-even: never at this rate

Slippage from OKX: live order book, 52 min ago; Gate: live order book, 4 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, 52 min ago	4.28 bp	30.6 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	5.34 bp	35.1 bp −$35	81.6 bp −$816	128.0 bp −$12.8K	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	−0.0275%	8h	46.815	−0.075%	$2.1M	$529K	20x	as long as short
Vest IREN-USD-PERP	−0.0003%	1h	46.740	−0.235%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.806	−0.093%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.850	0.000%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.800	−0.107%	$1.2M	$552K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	46.850	long leg	$625K	$689K	25x
Gate IREN_USDTshort	0.0000%	8h	46.870	+0.043%	$718K	$1.2M	25x
Variational Omni IREN	0.0000%	8h	46.781	−0.148%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.785	−0.138%	$5K	$219K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.850	0.000%	$829	$336K	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	−0.256%	$9K	$877	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.790	−0.128%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.830	−0.043%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0048%	1h	46.872	+0.047%	$70K	$97K	10x	as long as short
tradeXYZ xyz:IREN	+0.0082%	1h	46.824	−0.055%	$3.1M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.810	−0.085%	$736K	$264K	20x	as long as short
Paragon para:IREN	+0.0174%	1h	46.815	−0.076%	$602K	$177K	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.770	−0.171%	$82	$31K	10x	as long as short