Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.009%

Price spread now: QFEX against Bybit+0.043%7-day average −0.039% · 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−$73as in the Price arb table

costs, in and out, $10k−$810.812% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.144%−$14 on $10k

Price spread, last 7 days−0.112%−$11 · spread now +0.043%, 7d avg −0.039%

Together, before fees−0.256%−$26 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 0.082% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.039%. Mind the row above: over the last 4 days funding on this pair cost −0.144%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	46.750	0	get 0.0000% / 8h	1h 40m	$1.2M	$549K	25x
Short	QFEX IREN-USD	46.770	0.0032	get 0.0004% / 1h	40m 07s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.043%Rate

Funding earned: $6.8
Price spread: +0.043% → −0.039%: $8.18
Slippage, 4 orders: −$60.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$66.21
Costs to cover: 0.812%
Break-even: 75.1 days

Slippage from Bybit: live order book, 6 min ago; QFEX: live order book, 1 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, 6 min ago	1.07 bp	37.5 bp −$37	143.3 bp −$1,433	doesn't fit	doesn't fit
Sell QFEX live order book, 1 min ago	2.14 bp	7.1 bp −$7	15.1 bp −$151	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
Bitget IRENUSDT	−0.0326%	8h	46.735	−0.032%	$2.1M	$522K	20x	as long as short
Vest IREN-USD-PERP	−0.0007%	1h	46.670	−0.171%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.788	+0.081%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.756	+0.012%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	46.750	long leg	$1.2M	$549K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	+0.043%	$624K	$688K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.770	+0.043%	$718K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.802	+0.111%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.850	+0.213%	$4K	$214K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.830	+0.171%	$863	$343K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.730	−0.043%	$9K	$864	20x	as long as short
QFEX IREN-USDshort	+0.0032%	1h	46.770	+0.043%	$1.2M	$1.5M	10x
Extended IREN_24_5-USD	+0.0040%	1h	46.730	−0.043%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	46.725	−0.052%	$601K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.770	+0.043%	$735K	$258K	20x	as long as short
tradeXYZ xyz:IREN	+0.0247%	1h	46.763	+0.028%	$3.1M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0320%	1h	46.801	+0.109%	$70K	$96K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.843	+0.199%	$85	$31K	10x	as long as short