Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.007%

Price spread now: Binance against QFEX+0.032%7-day average +0.076% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.096%+$10 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.032%, 7d avg +0.076%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.043% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.076%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.096%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	47.550	0.0044	pay 0.0005% / 1h	37m 06s	$1.2M	$1.7M	10x
Short	Binance IRENUSDT	47.565	0	get 0.0000% / 8h	4h 37m	$3.5M	$6.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.032%Rate

Funding earned: −$9.19
Price spread: +0.032% → +0.076%: −$4.35
Slippage, 4 orders: −$21.31
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$54.85
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from QFEX: live order book, 10 min ago; Binance: 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 QFEX live order book, 10 min ago	2.11 bp	7.4 bp −$7	16.0 bp −$160	doesn't fit	doesn't fit
Sell Binance live order book, 1 min ago	1.05 bp	11.7 bp −$12	52.9 bp −$529	232.8 bp −$23.3K	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	+0.033%	$29K	$4K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	47.565	+0.032%	$3.5M	$6.1M	25x
Bybit IRENUSDT	0.0000%	8h	47.530	−0.042%	$1.2M	$540K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	−0.147%	$645K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.550	0.000%	$724K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.506	−0.093%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.541	−0.018%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.553	+0.005%	$4K	$189K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.550	0.000%	$999	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.560	+0.021%	$9K	$798	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	+0.0014%	1h	47.500	−0.105%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.579	+0.061%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.555	+0.011%	$4K	$7K	5x	as long as short
QFEX IREN-USDlong	+0.0044%	1h	47.550	long leg	$1.2M	$1.7M	10x
Paragon para:IREN	+0.0060%	1h	47.530	−0.042%	$611K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0093%	1h	47.557	+0.015%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.550	0.000%	$748K	$217K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.601	+0.107%	$84	$31K	10x	as long as short