Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.101%

Price spread now: Bitget against Gate−0.002%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$184as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1761.765% of the position

Long on Gate Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 7 days−0.105%−$11 · spread now −0.002%, 7d avg −0.084%

Together, before fees−0.179%−$18 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: Bitget is 0.082% dearer against Gate than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IREN_USDT	47.360	0	get 0.0000% / 8h	1h 06m	$733K	$1.5M	25x
Short	Bitget IRENUSDT	47.359	0	get 0.0000% / 8h	1h 06m	$2.0M	$497K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Gate. 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 GatebpFee BitgetbpOrdersPrice spread, now −0.002%Rate

Funding earned: $0
Price spread: −0.002% → −0.084%: $8.23
Slippage, 4 orders: −$149.45
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$168.22
Costs to cover: 1.765%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Bitget: live order book, 5 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 Gate live order book, 1 min ago	5.28 bp	45.4 bp −$45	55.9 bp −$559	78.8 bp −$7,876	doesn't fit
Sell Bitget live order book, 5 min ago	2.54 bp	24.2 bp −$24	42.1 bp −$421	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
Vest IREN-USD-PERP	−0.0002%	1h	47.300	−0.127%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.388	+0.059%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.360	0.000%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.360	0.000%	$1.2M	$498K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.370	+0.021%	$661K	$684K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	47.360	long leg	$733K	$1.5M	25x
Bitget IRENUSDTshort	0.0000%	8h	47.359	−0.002%	$2.0M	$497K	20x
Variational Omni IREN	0.0000%	8h	47.399	+0.082%	$207K	$88K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.420	+0.127%	$5K	$193K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.390	+0.063%	$936	$389K	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	47.360	0.000%	$9K	$700	20x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.410	+0.106%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.325	−0.074%	$4K	$8K	5x	as long as short
Lighter RH IREN	+0.0056%	1h	47.440	+0.169%	$68K	$114K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.391	+0.066%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.400	+0.084%	$752K	$143K	20x	as long as short
tradeXYZ xyz:IREN	+0.0323%	1h	47.377	+0.036%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0405%	1h	47.388	+0.059%	$87	$38K	10x	as long as short