Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.008%

Price spread now: QFEX against Bitget+0.063%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$1351.352% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.038%−$4 on $10k

Price spread, last 7 days−0.016%−$2 · spread now +0.063%, 7d avg +0.030%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.033% dearer against Bitget than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IRENUSDT	47.560	0	get 0.0000% / 8h	4h 13m	$2.0M	$417K	20x
Short	QFEX IREN-USD	47.590	0.0044	get 0.0005% / 1h	13m 30s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.063%Rate

Funding earned: $9.19
Price spread: +0.063% → +0.030%: $3.31
Slippage, 4 orders: −$113.17
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$122.67
Costs to cover: 1.352%
Break-even: 100.4 days

Slippage from Bitget: live order book, 3 min ago; QFEX: 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 Bitget live order book, 3 min ago	2.63 bp	27.9 bp −$28	38.9 bp −$389	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	28.35 bp	35.4 bp −$35	41.7 bp −$417	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	47.617	+0.119%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.610	+0.105%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.570	+0.021%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.670	+0.231%	$649K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.600	+0.084%	$726K	$1.2M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.560	long leg	$2.0M	$417K	20x
Variational Omni IREN	0.0000%	8h	47.612	+0.109%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.610	+0.105%	$5K	$193K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.600	+0.084%	$843	$357K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.570	+0.021%	$9K	$806	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	+0.0018%	1h	47.540	−0.042%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.623	+0.132%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.595	+0.074%	$4K	$7K	5x	as long as short
QFEX IREN-USDshort	+0.0044%	1h	47.590	+0.063%	$1.2M	$1.5M	10x
Paragon para:IREN	+0.0060%	1h	47.560	0.000%	$611K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0084%	1h	47.607	+0.099%	$3.2M	$1.9M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.600	+0.084%	$749K	$219K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.609	+0.103%	$85	$31K	10x	as long as short