Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0071%/8h= +7.7% APRpaid last 24h +0.022%

Price spread now: KuCoin against QFEX0.000%7-day average +0.038% · 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−$159as in the Price arb table

costs, in and out, $10k−$1551.550% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.193%+$19 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now 0.000%, 7d avg +0.038%

Together, before fees+0.226%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.038% cheaper against QFEX than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.038%). If the spread goes back, that is −$4 on $10k: about 43 hours of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.193% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	47.400	0.0029	pay 0.0004% / 1h	14m 27s	$1.2M	$1.8M	10x
Short	KuCoin IRENUSDTM	47.400	0.0100	get 0.0100% / 8h	6h 14m	$746K	$187K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $14.83
Price spread: 0.000% → +0.038%: −$3.78
Slippage, 4 orders: −$132.97
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$143.92
Costs to cover: 1.550%
Break-even: 74.9 days

Slippage from QFEX: live order book, 2 min ago; KuCoin: live order book, 25 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, 2 min ago	2.11 bp	9.2 bp −$9	15.2 bp −$152	doesn't fit	doesn't fit
Sell KuCoin live order book, 25 min ago	14.80 bp	83.6 bp −$84	doesn't fit	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	47.495	+0.200%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.404	+0.009%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.390	−0.021%	$1.2M	$524K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	−0.021%	$646K	$634K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.400	0.000%	$723K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.380	−0.042%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.401	+0.003%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.381	−0.040%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.410	+0.021%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.330	−0.148%	$9K	$760	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	+0.0004%	1h	47.340	−0.127%	—	$15K	10x	as long as short
QFEX IREN-USDlong	+0.0029%	1h	47.400	long leg	$1.2M	$1.8M	10x
Lighter RH IREN	+0.0032%	1h	47.423	+0.049%	$69K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.370	−0.063%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTMshort	+0.0100%	8h	47.400	0.000%	$746K	$187K	20x
tradeXYZ xyz:IREN	+0.0238%	1h	47.400	0.000%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0257%	1h	47.365	−0.075%	$599K	$172K	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.410	+0.021%	$83	$31K	10x	as long as short