Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h −0.054%

Price spread now: QFEX against Gate−0.043%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$880.884% of the position

Long on Gate Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.097%−$10 on $10k

Price spread, last 7 days−0.015%−$2 · spread now −0.043%, 7d avg −0.053%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair cost −0.097%, 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	Gate IREN_USDT	46.770	0	get 0.0000% / 8h	55m 36s	$716K	$1.2M	25x
Short	QFEX IREN-USD	46.750	0.0043	get 0.0005% / 1h	55m 36s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.043%Rate

Funding earned: $9.07
Price spread: −0.043% → −0.053%: $1.06
Slippage, 4 orders: −$63.4
Fee Gate: 7.5 bp × 2 orders: −$15
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$78.27
Costs to cover: 0.884%
Break-even: 67.4 days

Slippage from Gate: live order book, 2 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 Gate live order book, 2 min ago	5.35 bp	31.4 bp −$31	55.1 bp −$551	80.3 bp −$8,035	doesn't fit
Sell QFEX live order book, 1 min ago	2.14 bp	9.3 bp −$9	14.1 bp −$141	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	−0.0291%	8h	46.732	−0.081%	$2.1M	$528K	20x	as long as short
Vest IREN-USD-PERP	−0.0002%	1h	46.660	−0.235%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.728	−0.090%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.771	+0.001%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.750	−0.043%	$1.2M	$550K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.800	+0.064%	$625K	$692K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	46.770	long leg	$716K	$1.2M	25x
Variational Omni IREN	0.0000%	8h	46.746	−0.051%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.774	+0.008%	$5K	$218K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.740	−0.064%	$958	$336K	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	46.710	−0.128%	$9K	$878	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.725	−0.096%	$4K	$7K	5x	as long as short
QFEX IREN-USDshort	+0.0043%	1h	46.750	−0.043%	$1.2M	$1.5M	10x
Lighter RH IREN	+0.0048%	1h	46.775	+0.011%	$70K	$97K	10x	as long as short
tradeXYZ xyz:IREN	+0.0050%	1h	46.744	−0.056%	$3.1M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.750	−0.043%	$734K	$263K	20x	as long as short
Paragon para:IREN	+0.0121%	1h	46.723	−0.101%	$601K	$177K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.769	−0.002%	$83	$31K	10x	as long as short