Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.090%

Price spread now: Variational Omni against QFEX+0.031%7-day average +0.035% · you sell dearer than you buy

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.089%+$9 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now +0.031%, 7d avg +0.035%

Together, before fees+0.083%+ Points / potential airdropVariational Omni: Active · farm board+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.035%, 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 3 days funding on this pair paid +0.089%, 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	47.440	0.0032	pay 0.0004% / 1h	36m 15s	$1.2M	$2.1M	10x
Short	Variational Omni IREN	47.455	0	get 0.0000% / 8h	36m 15s	$207K	$88K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.031%Rate

Funding earned: −$6.8
Price spread: +0.031% → +0.035%: −$0.39
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$17.19
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 6 min ago; Variational Omni: RFQ quote, 43 min ago. 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, 6 min ago	54.79 bp	59.8 bp −$60	68.5 bp −$685	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 43 min ago	3.50 bp	doesn't fit	41.7 bp −$417	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
Vest IREN-USD-PERP	−0.0001%	1h	47.380	−0.126%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.449	+0.019%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.460	+0.042%	$3.5M	$6.6M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.440	0.000%	$1.2M	$490K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	+0.021%	$662K	$668K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.440	0.000%	$736K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.425	−0.032%	$2.0M	$503K	20x	as long as short
Variational Omni IRENshort	0.0000%	8h	47.455	+0.031%	$207K	$88K	—
SunX IREN-USDT	0.0000%	8h	47.450	+0.021%	$1K	$386K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.410	−0.063%	$9K	$711	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0031%	8h	47.460	+0.042%	$4K	$191K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.481	+0.086%	$68K	$111K	10x	as long as short
QFEX IREN-USDlong	+0.0032%	1h	47.440	long leg	$1.2M	$2.1M	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.421	−0.040%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.425	−0.031%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.470	+0.063%	$746K	$154K	20x	as long as short
tradeXYZ xyz:IREN	+0.0309%	1h	47.433	−0.015%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0388%	1h	47.474	+0.072%	$86	$38K	10x	as long as short