Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.008%

Price spread now: QFEX against OKX−0.126%7-day average −0.023% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1521.521% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.422%+$42 · spread now −0.126%, 7d avg −0.023%

Together, before fees+0.364%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.103% cheaper against OKX than usual: you would sell low and buy high (spread −0.126% now, against its 7-day average of −0.023%). If the spread goes back, that is −$10 on $10k: about 7.9 days of funding at the current rate (+$1 a day). Mind the row above: over the last 4 days funding on this pair cost −0.058%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	47.670	0	get 0.0000% / 8h	4h 08m	$649K	$620K	25x
Short	QFEX IREN-USD	47.610	0.0044	get 0.0005% / 1h	8m 18s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.126%Rate

Funding earned: $9.19
Price spread: −0.126% → −0.023%: −$10.31
Slippage, 4 orders: −$132.09
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$153.21
Costs to cover: 1.521%
Break-even: 123.7 days

Slippage from OKX: live order book, 48 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 OKX live order book, 48 min ago	7.37 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	53.57 bp	58.6 bp −$59	63.8 bp −$638	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	47.670	−0.001%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.640	−0.063%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.630	−0.084%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.670	long leg	$649K	$620K	25x
Gate IREN_USDT	0.0000%	8h	47.620	−0.105%	$727K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.588	−0.172%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.606	−0.134%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.593	−0.161%	$5K	$193K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.620	−0.105%	$736	$357K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.580	−0.189%	$9K	$807	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0018%	1h	47.550	−0.252%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.673	+0.006%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.620	−0.105%	$4K	$7K	5x	as long as short
QFEX IREN-USDshort	+0.0044%	1h	47.610	−0.126%	$1.2M	$1.5M	10x
Paragon para:IREN	+0.0060%	1h	47.590	−0.168%	$612K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0095%	1h	47.623	−0.099%	$3.2M	$1.9M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.620	−0.105%	$749K	$220K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.610	−0.126%	$88	$31K	10x	as long as short