Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h −0.008%

Price spread now: Bybit against QFEX+0.021%7-day average +0.039% · 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−$62as in the Price arb table

costs, in and out, $10k−$610.606% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.146%+$15 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.021%, 7d avg +0.039%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.039%, 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 +0.146%, 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	47.420	0.0026	pay 0.0003% / 1h	51m 30s	$1.2M	$1.8M	10x
Short	Bybit IRENUSDT	47.430	0	get 0.0000% / 8h	5h 51m	$1.2M	$539K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$5.36
Price spread: +0.021% → +0.039%: −$1.78
Slippage, 4 orders: −$39.63
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$67.77
Costs to cover: 0.606%
Break-even: never at this rate

Slippage from QFEX: live order book, 10 min ago; Bybit: 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 QFEX live order book, 10 min ago	3.16 bp	8.2 bp −$8	15.5 bp −$155	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.11 bp	27.2 bp −$27	107.0 bp −$1,070	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	47.520	+0.211%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.450	+0.063%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.430	+0.021%	$1.2M	$539K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	−0.063%	$646K	$625K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.440	+0.042%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.410	−0.021%	$2.0M	$431K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.427	+0.015%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.430	+0.021%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.440	+0.042%	$1K	$356K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.410	−0.021%	$9K	$769	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	+0.0005%	1h	47.340	−0.169%	—	$15K	10x	as long as short
QFEX IREN-USDlong	+0.0026%	1h	47.420	long leg	$1.2M	$1.8M	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.375	−0.095%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.369	−0.107%	$609K	$182K	10x	as long as short
Lighter RH IREN	+0.0080%	1h	47.456	+0.076%	$69K	$96K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.400	−0.042%	$745K	$195K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.429	+0.019%	$87	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0503%	1h	47.431	+0.023%	$3.2M	$1.9M	10x	as long as short