Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.048%

Price spread now: Bitget against SunX−0.112%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$249as in the Funding arb table

Net, price: spread back to 7d avg − costs−$261as in the Price arb table

costs, in and out, $10k−$2582.580% of the position

Long on SunX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 3 days (all we have)+0.215%+$21 · spread now −0.112%, 7d avg −0.083%

Together, before fees+0.307%+$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.028% cheaper against SunX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.083%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.380	0	get 0.0000% / 8h	3h 30m	$917	$388K	10x
Short	Bitget IRENUSDT	47.327	0	get 0.0000% / 8h	3h 30m	$2.0M	$527K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SunX. 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 SunXbpFee BitgetbpOrdersPrice spread, now −0.112%Rate

Funding earned: $0
Price spread: −0.112% → −0.083%: −$2.84
Slippage, 4 orders: −$237.96
Fee SunX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$260.8
Costs to cover: 2.580%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; Bitget: live order book, 2 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 SunX live order book, 10 min ago	82.31 bp	100.5 bp −$100	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	6.12 bp	30.1 bp −$30	54.4 bp −$544	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	47.365	−0.032%	$28K	$3K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.383	+0.007%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.370	−0.021%	$1.2M	$500K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	+0.021%	$660K	$690K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.360	−0.042%	$715K	$1.6M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.327	−0.112%	$2.0M	$527K	20x
Variational Omni IREN	0.0000%	8h	47.351	−0.062%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.340	−0.084%	$5K	$199K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.380	long leg	$917	$388K	10x
HTX IREN-USDT	0.0000%	8h	47.350	−0.063%	$9K	$649	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	+0.0013%	1h	47.290	−0.190%	—	$12K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.422	+0.089%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.325	−0.116%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.360	−0.042%	$1.2M	$2.0M	10x	as long as short
tradeXYZ xyz:IREN	+0.0050%	1h	47.361	−0.040%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.338	−0.089%	$622K	$125K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.340	−0.084%	$738K	$141K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.356	−0.051%	$85	$38K	10x	as long as short