Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0155%/8h= −17.0% APRpaid last 24h −0.082%

Price spread now: Binance against tradeXYZ+0.073%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$540.545% of the position

Long on tradeXYZ Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.302%−$30 on $10k

Price spread, last 7 days−0.112%−$11 · spread now +0.073%, 7d avg +0.048%

Together, before fees−0.414%+ Points / potential airdroptradeXYZ: Active · farm board−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.025% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.073% now, against its 7-day average of +0.048%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	46.836	0.0155	pay 0.0019% / 1h	30m 46s	$3.1M	$2.0M	10x
Short	Binance IRENUSDT	46.870	0	get 0.0000% / 8h	30m 46s	$3.5M	$6.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against tradeXYZ. 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 tradeXYZbpFee BinancebpOrdersPrice spread, now +0.073%Rate

Funding earned: −$32.57
Price spread: +0.073% → +0.048%: $2.49
Slippage, 4 orders: −$26.5
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Binance: 5 bp × 2 orders: −$10
Net: −$84.58
Costs to cover: 0.545%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 7 min ago; Binance: live order book, 7 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 tradeXYZ live order book, 7 min ago	1.71 bp	12.6 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	2.13 bp	11.9 bp −$12	39.4 bp −$394	306.1 bp −$30.6K	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
Bitget IRENUSDT	−0.0228%	8h	46.822	−0.030%	$2.1M	$538K	20x	as long as short
Vest IREN-USD-PERP	0.0000%	1h	46.750	−0.184%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.879	+0.091%	$24K	$9K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	46.870	+0.073%	$3.5M	$6.2M	25x
Bybit IRENUSDT	0.0000%	8h	46.830	−0.013%	$1.2M	$552K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.870	+0.073%	$626K	$689K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.880	+0.094%	$753K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.861	+0.054%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.885	+0.106%	$5K	$219K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.880	+0.094%	$1K	$334K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.820	−0.034%	$9K	$880	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.810	−0.056%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.820	−0.034%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.809	−0.059%	$602K	$177K	10x	as long as short
Lighter RH IREN	+0.0088%	1h	46.876	+0.085%	$70K	$97K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.850	+0.030%	$736K	$264K	20x	as long as short
tradeXYZ xyz:IRENlong	+0.0155%	1h	46.836	long leg	$3.1M	$2.0M	10x
Phoenix IREN	+0.0308%	1h	46.861	+0.053%	$82	$31K	10x	as long as short