Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0045%/8h= −5.0% APRpaid last 24h −0.007%

Price spread now: Bitget against QFEX0.000%7-day average −0.033% · 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−$96as in the Price arb table

costs, in and out, $10k−$990.990% of the position

Long on QFEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.040%+$4 on $10k

Price spread, last 7 days−0.110%−$11 · spread now 0.000%, 7d avg −0.033%

Together, before fees−0.070%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.033% dearer against QFEX than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.033%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	47.590	0.0045	pay 0.0006% / 1h	24m 24s	$1.2M	$2.0M	10x
Short	Bitget IRENUSDT	47.590	0	get 0.0000% / 8h	7h 24m	$2.0M	$435K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$9.53
Price spread: 0.000% → −0.033%: $3.28
Slippage, 4 orders: −$76.98
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$105.23
Costs to cover: 0.990%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 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 QFEX live order book, 3 min ago	3.14 bp	8.2 bp −$8	17.1 bp −$171	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	3.88 bp	48.0 bp −$48	127.4 bp −$1,274	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	47.710	+0.252%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.610	+0.042%	$1.2M	$469K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.640	+0.105%	$659K	$637K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.590	0.000%	$746K	$1.2M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.590	0.000%	$2.0M	$435K	20x
Variational Omni IREN	0.0000%	8h	47.697	+0.225%	$209K	$86K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.700	+0.231%	$952	$363K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.670	+0.168%	$9K	$735	20x	as long as short
Vest IREN-USD-PERP	+0.0001%	1h	47.550	−0.084%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0040%	1h	47.640	+0.105%	$68K	$108K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.555	−0.074%	$4K	$8K	5x	as long as short
QFEX IREN-USDlong	+0.0045%	1h	47.590	long leg	$1.2M	$2.0M	10x
Paragon para:IREN	+0.0060%	1h	47.580	−0.021%	$639K	$146K	10x	as long as short
Binance IRENUSDT	+0.0064%	8h	47.616	+0.054%	$3.5M	$6.2M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.660	+0.147%	$750K	$163K	20x	as long as short
GRVT IREN_USDT_Perp	+0.0319%	8h	47.720	+0.273%	$5K	$182K	10x	as long as short
Phoenix IREN	+0.0337%	1h	47.690	+0.210%	$87	$35K	10x	as long as short
tradeXYZ xyz:IREN	+0.0511%	1h	47.599	+0.019%	$3.2M	$1.9M	10x	as long as short