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 +0.054%

Price spread now: Gate against QFEX+0.043%7-day average +0.053% · 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−$60as in the Price arb table

costs, in and out, $10k−$590.592% of the position

Long on QFEX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.097%+$10 on $10k

Price spread, last 7 days+0.008%+$1 · spread now +0.043%, 7d avg +0.053%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.053%, 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 +0.097%, 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	46.750	0.0043	pay 0.0005% / 1h	8m 42s	$1.2M	$1.5M	10x
Short	Gate IREN_USDT	46.770	0	get 0.0000% / 8h	8m 42s	$819K	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.043%Rate

Funding earned: −$9.07
Price spread: +0.043% → +0.053%: −$1.05
Slippage, 4 orders: −$34.22
Fee QFEX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$69.34
Costs to cover: 0.592%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 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 QFEX live order book, 3 min ago	2.14 bp	7.1 bp −$7	13.1 bp −$131	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.21 bp	26.3 bp −$26	87.8 bp −$878	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	−0.0187%	8h	46.729	−0.045%	$2.1M	$544K	20x	as long as short
Vest IREN-USD-PERP	−0.0002%	1h	46.650	−0.214%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.814	+0.136%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.770	+0.043%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.740	−0.021%	$1.2M	$553K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	+0.043%	$625K	$656K	25x	as long as short
Gate IREN_USDTshort	0.0000%	8h	46.770	+0.043%	$819K	$1.3M	25x
Variational Omni IREN	0.0000%	8h	46.749	−0.002%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.763	+0.029%	$4K	$221K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.750	0.000%	$920	$332K	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	46.740	−0.021%	$9K	$876	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.710	−0.086%	$4K	$7K	5x	as long as short
QFEX IREN-USDlong	+0.0043%	1h	46.750	long leg	$1.2M	$1.5M	10x
Paragon para:IREN	+0.0060%	1h	46.721	−0.061%	$601K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.770	+0.043%	$736K	$277K	20x	as long as short
tradeXYZ xyz:IREN	+0.0216%	1h	46.744	−0.013%	$3.1M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0216%	1h	46.798	+0.103%	$70K	$98K	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.788	+0.081%	$85	$31K	10x	as long as short