Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: SunX against Bybit−0.170%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$206as in the Funding arb table

Net, price: spread back to 7d avg − costs−$209as in the Price arb table

costs, in and out, $10k−$1901.903% of the position

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$15 on $10k

Price spread, last 4 days (all we have)+0.095%+$10 · spread now −0.170%, 7d avg +0.017%

Together, before fees−0.060%−$6 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: SunX is 0.187% cheaper against Bybit than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	47.040	0	get 0.0000% / 8h	6h 15m	$1.2M	$563K	25x
Short	SunX IREN-USDT	46.960	0	get 0.0000% / 8h	6h 15m	$920	$316K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.170%Rate

Funding earned: $0
Price spread: −0.170% → +0.017%: −$18.71
Slippage, 4 orders: −$171.32
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$209.03
Costs to cover: 1.903%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; SunX: 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 Bybit live order book, 4 min ago	2.13 bp	14.3 bp −$14	97.0 bp −$970	doesn't fit	doesn't fit
Sell SunX live order book, 28 min ago	45.81 bp	80.9 bp −$81	doesn't fit	doesn't fit	doesn't fit

IREN on 18 exchanges

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
Vest IREN-USD-PERP	−0.0006%	1h	46.940	−0.213%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.005	−0.075%	$24K	$9K	20x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.040	long leg	$1.2M	$563K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.060	+0.043%	$629K	$660K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.040	0.000%	$812K	$1.4M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.026	−0.030%	$2.1M	$646K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.060	+0.042%	$183K	$101K	—	as long as short
SunX IREN-USDTshort	0.0000%	8h	46.960	−0.170%	$920	$316K	10x
HTX IREN-USDT	0.0000%	8h	47.030	−0.021%	$9K	$873	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.030	−0.021%	$4K	$4K	5x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH IREN	+0.0048%	1h	47.088	+0.102%	$71K	$97K	10x	as long as short
QFEX IREN-USD	+0.0051%	1h	47.040	0.000%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.010	−0.063%	$605K	$177K	10x	as long as short
Binance IRENUSDT	+0.0063%	8h	47.058	+0.039%	$3.5M	$6.4M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.010	−0.064%	$743K	$389K	20x	as long as short
tradeXYZ xyz:IREN	+0.0247%	1h	47.037	−0.006%	$3.1M	$2.0M	10x	as long as short
GRVT IREN_USDT_Perp	+0.0249%	8h	46.996	−0.094%	$5K	$231K	10x	as long as short
Phoenix IREN	+0.0307%	1h	47.001	−0.083%	$82	$31K	10x	as long as short