Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0238%/8h= −26.0% APRpaid last 24h −0.079%

Price spread now: Bitget against tradeXYZ−0.042%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$690.691% of the position

Long on tradeXYZ Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.323%−$32 on $10k

Price spread, last 7 days−0.127%−$13 · spread now −0.042%, 7d avg −0.063%

Together, before fees−0.450%+ Points / potential airdroptradeXYZ: Active · farm board−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.021% dearer against tradeXYZ than usual: you sell high and buy low (spread −0.042% now, against its 7-day average of −0.063%): +$2 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	47.400	0.0238	pay 0.0030% / 1h	14m 26s	$3.2M	$1.9M	10x
Short	Bitget IRENUSDT	47.380	0	get 0.0000% / 8h	6h 14m	$2.0M	$436K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$49.94
Price spread: −0.042% → −0.063%: $2.12
Slippage, 4 orders: −$39.12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$116.94
Costs to cover: 0.691%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 4 min ago; Bitget: live order book, 3 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, 4 min ago	2.63 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	2.11 bp	23.9 bp −$24	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	47.495	+0.200%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.404	+0.009%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.390	−0.021%	$1.2M	$524K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	−0.021%	$646K	$634K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.400	0.000%	$723K	$1.2M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.380	−0.042%	$2.0M	$436K	20x
Variational Omni IREN	0.0000%	8h	47.401	+0.003%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.381	−0.040%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.410	+0.021%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.330	−0.148%	$9K	$760	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	+0.0004%	1h	47.340	−0.127%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.400	0.000%	$1.2M	$1.8M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.423	+0.049%	$69K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.370	−0.063%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.400	0.000%	$746K	$187K	20x	as long as short
tradeXYZ xyz:IRENlong	+0.0238%	1h	47.400	long leg	$3.2M	$1.9M	10x
Paragon para:IREN	+0.0257%	1h	47.365	−0.075%	$599K	$172K	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.410	+0.021%	$83	$31K	10x	as long as short