Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0354%/8h= −38.8% APRpaid last 24h −0.080%

Price spread now: Bybit against tradeXYZ−0.038%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$810.814% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.257%−$26 on $10k

Price spread, last 7 days−0.046%−$5 · spread now −0.038%, 7d avg +0.007%

Together, before fees−0.304%+ Points / potential airdroptradeXYZ: Active · farm board−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bybit is 0.045% cheaper against tradeXYZ than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	47.458	0.0354	pay 0.0044% / 1h	23m 16s	$3.2M	$1.9M	10x
Short	Bybit IRENUSDT	47.440	0	get 0.0000% / 8h	5h 23m	$1.2M	$541K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$74.4
Price spread: −0.038% → +0.007%: −$4.52
Slippage, 4 orders: −$52.35
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$160.27
Costs to cover: 0.814%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 4 min ago; Bybit: 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 tradeXYZ live order book, 4 min ago	2.63 bp	14.4 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.11 bp	21.8 bp −$22	101.4 bp −$1,014	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	47.553	+0.200%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.460	+0.004%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.440	−0.038%	$1.2M	$541K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.400	−0.122%	$646K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.450	−0.017%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.424	−0.072%	$2.0M	$429K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.450	−0.016%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.455	−0.006%	$4K	$182K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.440	−0.038%	$945	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.470	+0.025%	$9K	$782	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	+0.0009%	1h	47.370	−0.185%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.440	−0.038%	$1.2M	$1.7M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.509	+0.107%	$69K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.395	−0.133%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.410	−0.101%	$609K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.440	−0.038%	$746K	$205K	20x	as long as short
tradeXYZ xyz:IRENlong	+0.0354%	1h	47.458	long leg	$3.2M	$1.9M	10x
Phoenix IREN	+0.0355%	1h	47.446	−0.025%	$89	$31K	10x	as long as short