Funding arb · Price arb /

IREN

RWAall IREN markets

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 Bybit−0.021%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$720.723% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.021%, 7d avg +0.019%

Together, before fees−0.071%−$7 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 0.040% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	47.430	0	get 0.0000% / 8h	6h 56m	$1.2M	$527K	25x
Short	OKX IREN-USDT-SWAP	47.420	0	get 0.0000% / 8h	6h 56m	$654K	$632K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bybit. 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 BybitbpFee OKXbpOrdersPrice spread, now −0.021%Rate

Funding earned: $0
Price spread: −0.021% → +0.019%: −$3.99
Slippage, 4 orders: −$51.31
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$76.3
Costs to cover: 0.723%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; OKX: live order book, 10 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 Bybit live order book, 5 min ago	2.10 bp	16.7 bp −$17	109.5 bp −$1,095	doesn't fit	doesn't fit
Sell OKX live order book, 10 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	47.571	+0.296%	$29K	$4K	20x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.430	long leg	$1.2M	$527K	25x
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.420	−0.021%	$654K	$632K	25x
Gate IREN_USDT	0.0000%	8h	47.450	+0.042%	$734K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.455	+0.053%	$2.0M	$437K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.438	+0.016%	$210K	$87K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.460	+0.063%	$1K	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.450	+0.042%	$9K	$747	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.360	−0.148%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.420	−0.021%	$1.2M	$1.9M	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH IREN	+0.0032%	1h	47.480	+0.105%	$68K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.425	−0.011%	$4K	$8K	5x	as long as short
Binance IRENUSDT	+0.0062%	8h	47.447	+0.035%	$3.5M	$6.2M	25x	as long as short
GRVT IREN_USDT_Perp	+0.0087%	8h	47.597	+0.353%	$5K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.470	+0.084%	$746K	$170K	20x	as long as short
tradeXYZ xyz:IREN	+0.0242%	1h	47.440	+0.021%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0337%	1h	47.590	+0.337%	$86	$31K	10x	as long as short
Paragon para:IREN	+0.0390%	1h	47.431	+0.001%	$637K	$146K	10x	as long as short