Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h −0.008%

Price spread now: Binance against QFEX+0.082%7-day average +0.077% · 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−$45as in the Price arb table

costs, in and out, $10k−$450.452% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.095%+$9 on $10k

Price spread, last 7 days−0.047%−$5 · spread now +0.082%, 7d avg +0.077%

Together, before fees+0.047%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.077%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.095%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	46.840	0.0043	pay 0.0005% / 1h	34m 55s	$1.2M	$1.5M	10x
Short	Binance IRENUSDT	46.879	0	get 0.0000% / 8h	34m 55s	$3.5M	$6.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against QFEX. 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 QFEXbpFee BinancebpOrdersPrice spread, now +0.082%Rate

Funding earned: −$9.07
Price spread: +0.082% → +0.077%: $0.58
Slippage, 4 orders: −$25.19
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$53.68
Costs to cover: 0.452%
Break-even: never at this rate

Slippage from QFEX: live order book, 1 min ago; Binance: 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 QFEX live order book, 1 min ago	2.13 bp	9.3 bp −$9	16.7 bp −$167	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	2.13 bp	11.9 bp −$12	39.4 bp −$394	306.1 bp −$30.6K	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	−0.0237%	8h	46.831	−0.019%	$2.1M	$538K	20x	as long as short
Vest IREN-USD-PERP	−0.0001%	1h	46.770	−0.149%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.894	+0.115%	$24K	$9K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	46.879	+0.082%	$3.5M	$6.2M	25x
Bybit IRENUSDT	0.0000%	8h	46.830	−0.021%	$1.2M	$552K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.910	+0.149%	$626K	$690K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.880	+0.085%	$753K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.861	+0.045%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.889	+0.105%	$5K	$219K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.860	+0.043%	$1K	$337K	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	46.840	0.000%	$9K	$880	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.810	−0.064%	$4K	$7K	5x	as long as short
QFEX IREN-USDlong	+0.0043%	1h	46.840	long leg	$1.2M	$1.5M	10x
Paragon para:IREN	+0.0060%	1h	46.810	−0.064%	$602K	$177K	10x	as long as short
Lighter RH IREN	+0.0080%	1h	46.884	+0.094%	$70K	$97K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.870	+0.064%	$737K	$264K	20x	as long as short
tradeXYZ xyz:IREN	+0.0145%	1h	46.843	+0.006%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.826	−0.030%	$88	$31K	10x	as long as short