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 Bitget+0.044%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$720.717% of the position

Long on Bitget Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)−0.072%−$7 · spread now +0.044%, 7d avg +0.080%

Together, before fees−0.096%−$10 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 0.036% cheaper against Bitget than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IRENUSDT	47.289	0	get 0.0000% / 8h	6h 38m	$2.0M	$438K	20x
Short	OKX IREN-USDT-SWAP	47.310	0	get 0.0000% / 8h	6h 38m	$646K	$636K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bitget. 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 BitgetbpFee OKXbpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → +0.080%: −$3.59
Slippage, 4 orders: −$49.72
Fee Bitget: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$75.31
Costs to cover: 0.717%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; OKX: live order book, 28 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 Bitget live order book, 4 min ago	2.75 bp	18.6 bp −$19	33.1 bp −$331	doesn't fit	doesn't fit
Sell OKX live order book, 28 min ago	4.20 bp	14.2 bp −$14	830.4 bp −$8,304	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	47.425	+0.289%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.300	+0.023%	$1.2M	$527K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.310	+0.044%	$646K	$636K	25x
Gate IREN_USDT	0.0000%	8h	47.330	+0.087%	$727K	$1.2M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.289	long leg	$2.0M	$438K	20x
Variational Omni IREN	0.0000%	8h	47.338	+0.103%	$209K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.360	+0.150%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.380	+0.192%	$842	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.270	−0.040%	$9K	$755	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.230	−0.125%	—	$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	47.300	+0.023%	$1.3M	$1.9M	10x	as long as short
Binance IRENUSDT	+0.0034%	8h	47.310	+0.044%	$3.4M	$6.3M	25x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.290	+0.002%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.290	+0.002%	$743K	$176K	20x	as long as short
Lighter RH IREN	+0.0104%	1h	47.357	+0.144%	$68K	$98K	10x	as long as short
tradeXYZ xyz:IREN	+0.0238%	1h	47.297	+0.017%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.376	+0.184%	$84	$31K	10x	as long as short
Paragon para:IREN	+0.0513%	1h	47.280	−0.019%	$600K	$169K	10x	as long as short