Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.008%

Price spread now: Bybit against QFEX−0.021%7-day average +0.039% · 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−$66as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.144%+$14 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.021%, 7d avg +0.039%

Together, before fees+0.204%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bybit is 0.060% cheaper against QFEX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.039%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.144%, 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	47.290	0.0011	pay 0.0001% / 1h	15m 28s	$1.2M	$1.5M	10x
Short	Bybit IRENUSDT	47.280	0	get 0.0000% / 8h	3h 15m	$1.2M	$540K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$2.23
Price spread: −0.021% → +0.039%: −$6.05
Slippage, 4 orders: −$38.91
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$68.19
Costs to cover: 0.599%
Break-even: never at this rate

Slippage from QFEX: 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 QFEX live order book, 1 min ago	2.12 bp	7.1 bp −$7	13.6 bp −$136	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.17 bp	23.3 bp −$23	152.8 bp −$1,528	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	47.265	−0.052%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.280	−0.021%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.280	−0.021%	$1.2M	$540K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.320	+0.063%	$651K	$651K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.290	0.000%	$717K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.264	−0.055%	$2.1M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.277	−0.028%	$211K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.275	−0.032%	$5K	$204K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.280	−0.021%	$1K	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.250	−0.085%	$9K	$828	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USDlong	+0.0011%	1h	47.290	long leg	$1.2M	$1.5M	10x
Vest IREN-USD-PERP	+0.0011%	1h	47.180	−0.233%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.215	−0.159%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0072%	1h	47.310	+0.042%	$69K	$97K	10x	as long as short
Paragon para:IREN	+0.0086%	1h	47.233	−0.121%	$607K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.260	−0.063%	$743K	$229K	20x	as long as short
tradeXYZ xyz:IREN	+0.0154%	1h	47.261	−0.061%	$3.2M	$2.0M	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.278	−0.025%	$87	$31K	10x	as long as short