Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against OKX−0.105%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$900.900% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.105%, 7d avg −0.019%

Together, before fees+0.238%+$24 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 0.086% cheaper against OKX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	47.550	0	get 0.0000% / 8h	5h 01m	$648K	$621K	25x
Short	Bybit IRENUSDT	47.500	0	get 0.0000% / 8h	5h 01m	$1.2M	$541K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.105%Rate

Funding earned: $0
Price spread: −0.105% → −0.019%: −$8.63
Slippage, 4 orders: −$68.97
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$98.6
Costs to cover: 0.900%
Break-even: never at this rate

Slippage from OKX: live order book, 59 min ago; Bybit: live order book, 4 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 OKX live order book, 59 min ago	5.28 bp	18.6 bp −$19	1470.2 bp −$14.7K	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.10 bp	25.5 bp −$25	108.3 bp −$1,083	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
Aster IRENUSDT	0.0000%	8h	47.566	+0.034%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.537	−0.027%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.500	−0.105%	$1.2M	$541K	25x
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.550	long leg	$648K	$621K	25x
Gate IREN_USDT	0.0000%	8h	47.520	−0.063%	$721K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.499	−0.107%	$2.0M	$419K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.531	−0.041%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.542	−0.018%	$5K	$185K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.520	−0.063%	$1K	$359K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.490	−0.126%	$9K	$789	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0010%	1h	47.450	−0.210%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.510	−0.084%	$1.2M	$1.7M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.552	+0.004%	$69K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.495	−0.116%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.490	−0.126%	$611K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.530	−0.042%	$747K	$211K	20x	as long as short
tradeXYZ xyz:IREN	+0.0338%	1h	47.507	−0.090%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0355%	1h	47.579	+0.061%	$83	$31K	10x	as long as short