Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.008%

Price spread now: Aster against QFEX+0.246%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on QFEX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.246% dearer against QFEX than usual: you sell high and buy low (spread +0.246% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 28 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	47.380	0.0029	pay 0.0004% / 1h	16m 08s	$1.2M	$1.8M	10x
Short	Aster IRENUSDT	47.496	0	get 0.0000% / 8h	6h 16m	$29K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against QFEX. 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 QFEXbpFee AsterbpOrdersPrice spread, now +0.246%Rate

Funding earned: −$6.17
Price spread: +0.246% → 0.000%: $24.59
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $0.42
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: QFEX: live order book, 6 min ago; Aster: no order-book sample. Net counts fees only.

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 QFEX live order book, 6 min ago	2.11 bp	9.2 bp −$9	14.8 bp −$148	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 IRENUSDTshort	0.0000%	8h	47.496	+0.246%	$29K	$4K	20x
Bybit IRENUSDT	0.0000%	8h	47.400	+0.042%	$1.2M	$524K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	+0.021%	$646K	$634K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.410	+0.063%	$723K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.380	0.000%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.401	+0.045%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.381	+0.002%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.400	+0.042%	$916	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.330	−0.106%	$9K	$761	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.405	+0.053%	$3.4M	$6.2M	25x	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	+0.0004%	1h	47.340	−0.084%	—	$15K	10x	as long as short
QFEX IREN-USDlong	+0.0029%	1h	47.380	long leg	$1.2M	$1.8M	10x
Lighter RH IREN	+0.0032%	1h	47.415	+0.074%	$69K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.375	−0.011%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.390	+0.021%	$744K	$187K	20x	as long as short
tradeXYZ xyz:IREN	+0.0240%	1h	47.395	+0.032%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0284%	1h	47.360	−0.042%	$599K	$172K	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.439	+0.125%	$86	$31K	10x	as long as short