Funding arb · Price arb /

IREN

RWAall IREN markets

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: Bybit against Gate−0.042%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$980.980% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.042%, 7d avg −0.014%

Together, before fees−0.004%$0 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: Bybit is 0.028% cheaper against Gate than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IREN_USDT	47.440	0	get 0.0000% / 8h	5h 49m	$816K	$1.4M	25x
Short	Bybit IRENUSDT	47.420	0	get 0.0000% / 8h	5h 49m	$1.2M	$564K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.042%Rate

Funding earned: $0
Price spread: −0.042% → −0.014%: −$2.83
Slippage, 4 orders: −$72
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$100.83
Costs to cover: 0.980%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Bybit: 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	6.32 bp	22.1 bp −$22	49.3 bp −$493	77.9 bp −$7,788	doesn't fit
Sell Bybit live order book, 5 min ago	2.11 bp	23.2 bp −$23	116.5 bp −$1,165	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
Aster IRENUSDT	0.0000%	8h	47.325	−0.242%	$24K	$9K	20x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.420	−0.042%	$1.2M	$564K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.470	+0.063%	$637K	$676K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	47.440	long leg	$816K	$1.4M	25x
Bitget IRENUSDT	0.0000%	8h	47.419	−0.044%	$2.1M	$650K	20x	as long as short
SunX IREN-USDT	0.0000%	8h	47.390	−0.105%	$1K	$311K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.450	+0.021%	$9K	$875	20x	as long as short
Vest IREN-USD-PERP	+0.0003%	1h	47.410	−0.063%	—	$15K	10x	as long as short
Variational Omni IREN	+0.0014%	8h	47.483	+0.090%	$185K	$101K	—	as long as short
Lighter RH IREN	+0.0032%	1h	47.456	+0.034%	$71K	$96K	10x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.395	−0.094%	$4K	$4K	5x	as long as short
QFEX IREN-USD	+0.0049%	1h	47.460	+0.042%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.385	−0.116%	$610K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.420	−0.042%	$751K	$414K	20x	as long as short
Binance IRENUSDT	+0.0147%	8h	47.460	+0.042%	$3.5M	$6.5M	25x	as long as short
tradeXYZ xyz:IREN	+0.0185%	1h	47.439	−0.002%	$3.2M	$2.1M	10x	as long as short
Phoenix IREN	+0.0321%	1h	47.468	+0.059%	$87	$31K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0406%	8h	47.403	−0.079%	$4K	$233K	10x	as long as short