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: OKX against SunX+0.084%47s7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$174as 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−$1801.804% of the position

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now +0.084%, 7d avg +0.007%

Together, before fees+0.040%+$4 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: OKX is 0.077% dearer against SunX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.007%. The two prices were read 47 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	47.680	0	get 0.0000% / 8h	7h 45m	$933	$367K	10x
Short	OKX IREN-USDT-SWAP	47.720	0	get 0.0000% / 8h	7h 45m	$660K	$643K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.084%Rate

Funding earned: $0
Price spread: +0.084% → +0.007%: $7.74
Slippage, 4 orders: −$162.43
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$172.69
Costs to cover: 1.804%
Break-even: never at this rate

Slippage from SunX: live order book, 5 min ago; OKX: 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 SunX live order book, 5 min ago	49.25 bp	67.2 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 25 min ago	7.38 bp	16.8 bp −$17	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	47.797	+0.246%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.680	0.000%	$1.2M	$471K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.720	+0.084%	$660K	$643K	25x
Bitget IRENUSDT	0.0000%	8h	47.675	−0.010%	$2.0M	$442K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.763	+0.173%	$209K	$85K	—	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.680	long leg	$933	$367K	10x
HTX IREN-USDT	0.0000%	8h	47.740	+0.126%	$9K	$728	20x	as long as short
Vest IREN-USD-PERP	+0.0002%	1h	47.640	−0.084%	—	$15K	10x	as long as short
Binance IRENUSDT	+0.0038%	8h	47.730	+0.105%	$3.5M	$6.3M	25x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.685	+0.010%	$4K	$8K	5x	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	+0.0045%	1h	47.710	+0.063%	$1.2M	$2.1M	10x	as long as short
Lighter RH IREN	+0.0056%	1h	47.756	+0.159%	$68K	$108K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.680	0.000%	$641K	$146K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.710	+0.063%	$751K	$157K	20x	as long as short
Gate IREN_USDT	+0.0303%	8h	47.720	+0.084%	$747K	$1.2M	25x	as long as short
Phoenix IREN	+0.0337%	1h	47.762	+0.172%	$84	$35K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0606%	8h	47.740	+0.126%	$5K	$185K	10x	as long as short
tradeXYZ xyz:IREN	+0.0719%	1h	47.729	+0.103%	$3.2M	$1.9M	10x	as long as short