Funding arb · Price arb /

IREN

RWAall IREN markets

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: HTX against QFEX+0.084%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on QFEX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. HTX is 0.084% dearer against QFEX than usual: you sell high and buy low (spread +0.084% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	47.540	0.0045	pay 0.0006% / 1h	59m 20s	$1.2M	$1.9M	10x
Short	HTX IREN-USDT	47.580	0	get 0.0000% / 8h	6h 59m	$9K	$746	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$9.53
Price spread: +0.084% → 0.000%: $8.41
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$23.11
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 7 min ago; HTX: no order-book sample. Net counts fees only.

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, 7 min ago	53.54 bp	58.5 bp −$59	66.3 bp −$663	doesn't fit	doesn't fit
Sell HTX no order-book sample	—	—	—	—	—

HTX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	47.707	+0.350%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.550	+0.021%	$1.2M	$527K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.560	+0.042%	$658K	$632K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.550	+0.021%	$736K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.549	+0.019%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.602	+0.130%	$210K	$87K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.590	+0.105%	$966	$359K	10x	as long as short
HTX IREN-USDTshort	0.0000%	8h	47.580	+0.084%	$9K	$746	20x
Vest IREN-USD-PERP	+0.0003%	1h	47.500	−0.084%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.619	+0.166%	$68K	$96K	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	47.560	+0.042%	$4K	$8K	5x	as long as short
QFEX IREN-USDlong	+0.0045%	1h	47.540	long leg	$1.2M	$1.9M	10x
Binance IRENUSDT	+0.0067%	8h	47.570	+0.063%	$3.5M	$6.2M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.580	+0.084%	$748K	$170K	20x	as long as short
GRVT IREN_USDT_Perp	+0.0103%	8h	47.630	+0.189%	$5K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0170%	1h	47.558	+0.038%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0262%	1h	47.550	+0.021%	$639K	$146K	10x	as long as short
Phoenix IREN	+0.0337%	1h	47.590	+0.105%	$86	$31K	10x	as long as short