Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0201%/8h= +22.0% APRpaid last 24h +0.085%

Price spread now: tradeXYZ against Bybit+0.011%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1641.639% of the position

Long on Bybit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.256%+$26 on $10k

Price spread, last 7 days+0.005%+$1 · spread now +0.011%, 7d avg −0.011%

Together, before fees+0.261%+ Points / potential airdroptradeXYZ: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and tradeXYZ is 0.022% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	46.240	0	get 0.0000% / 8h	7h 33m	$1.2M	$570K	25x
Short	tradeXYZ xyz:IREN	46.245	0.0201	get 0.0025% / 1h	33m 53s	$3.1M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.011%Rate

Funding earned: $42.26
Price spread: +0.011% → −0.011%: $2.21
Slippage, 4 orders: −$134.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$119.44
Costs to cover: 1.639%
Break-even: 26.8 days

Slippage from Bybit: live order book, 2 min ago; tradeXYZ: 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 Bybit live order book, 2 min ago	2.16 bp	72.8 bp −$73	115.1 bp −$1,151	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 3 min ago	3.89 bp	20.3 bp −$20	doesn't fit	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	−0.0126%	8h	46.229	−0.024%	$2.0M	$650K	20x	as long as short
Paragon para:IREN	−0.0096%	1h	46.242	+0.005%	$595K	$177K	10x	as long as short
Vest IREN-USD-PERP	−0.0017%	1h	46.170	−0.151%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.298	+0.126%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.264	+0.053%	$3.5M	$6.3M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	46.240	long leg	$1.2M	$570K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	46.290	+0.108%	$619K	$649K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.270	+0.065%	$810K	$1.3M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.347	+0.232%	$181K	$101K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.447	+0.448%	$4K	$223K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IREN-USDT	0.0000%	8h	46.420	+0.389%	$1K	$326K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.270	+0.065%	$9K	$873	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.264	+0.052%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0068%	1h	46.240	0.000%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0072%	1h	46.330	+0.195%	$69K	$98K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.300	+0.130%	$731K	$308K	20x	as long as short
tradeXYZ xyz:IRENshort	+0.0201%	1h	46.245	+0.011%	$3.1M	$2.0M	10x
Phoenix IREN	+0.0342%	1h	46.387	+0.318%	$82	$31K	10x	as long as short