Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against SunX−0.190%46s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$197as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2122.121% of the position

Long on SunX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.155%+$15 on $10k

Price spread, last 3 days (all we have)+0.179%+$18 · spread now −0.190%, 7d avg −0.013%

Together, before fees+0.334%+$33 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: Bybit is 0.177% cheaper against SunX than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.013%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

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	6h 39m	$842	$360K	10x
Short	Bybit IRENUSDT	47.290	0	get 0.0000% / 8h	6h 39m	$1.2M	$527K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.190%Rate

Funding earned: $0
Price spread: −0.190% → −0.013%: −$17.66
Slippage, 4 orders: −$193.13
Fee SunX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$229.79
Costs to cover: 2.121%
Break-even: never at this rate

Slippage from SunX: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	48.62 bp	69.4 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.06 bp	35.2 bp −$35	155.3 bp −$1,553	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	47.438	+0.121%	$29K	$4K	20x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.290	−0.190%	$1.2M	$527K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.270	−0.232%	$646K	$635K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.320	−0.127%	$727K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.286	−0.198%	$2.0M	$438K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.338	−0.089%	$209K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.360	−0.042%	$5K	$180K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.380	long leg	$842	$360K	10x
HTX IREN-USDT	0.0000%	8h	47.320	−0.127%	$9K	$753	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.240	−0.295%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0029%	1h	47.290	−0.190%	$1.3M	$1.9M	10x	as long as short
Binance IRENUSDT	+0.0035%	8h	47.297	−0.175%	$3.4M	$6.3M	25x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.285	−0.201%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.300	−0.169%	$743K	$176K	20x	as long as short
Lighter RH IREN	+0.0104%	1h	47.379	−0.002%	$68K	$98K	10x	as long as short
tradeXYZ xyz:IREN	+0.0248%	1h	47.297	−0.175%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.376	−0.008%	$84	$31K	10x	as long as short
Paragon para:IREN	+0.0520%	1h	47.290	−0.190%	$600K	$169K	10x	as long as short