Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.021%

Price spread now: KuCoin against QFEX−0.021%7-day average +0.036% · 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−$100as in the Price arb table

costs, in and out, $10k−$940.938% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.190%+$19 on $10k

Price spread, last 4 days (all we have)+0.055%+$5 · spread now −0.021%, 7d avg +0.036%

Together, before fees+0.244%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.057% cheaper against QFEX than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.036%). If the spread goes back, that is −$6 on $10k: about 3.3 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.190% in total) that is about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	46.790	0.0043	pay 0.0005% / 1h	59m 08s	$1.2M	$1.5M	10x
Short	KuCoin IRENUSDTM	46.780	0.0100	get 0.0100% / 8h	7h 59m	$737K	$282K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.021%Rate

Funding earned: $11.93
Price spread: −0.021% → +0.036%: −$5.69
Slippage, 4 orders: −$71.84
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$87.6
Costs to cover: 0.938%
Break-even: 58.4 days

Slippage from QFEX: live order book, 2 min ago; KuCoin: live order book, 65 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, 2 min ago	2.14 bp	11.4 bp −$11	17.0 bp −$170	doesn't fit	doesn't fit
Sell KuCoin live order book, 65 min ago	7.48 bp	37.4 bp −$37	doesn't fit	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	−0.0182%	8h	46.793	+0.006%	$2.1M	$548K	20x	as long as short
Vest IREN-USD-PERP	−0.0004%	1h	46.790	0.000%	—	$15K	10x	as long as short
Paragon para:IREN	−0.0001%	1h	46.693	−0.208%	$601K	$177K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.897	+0.230%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.861	+0.153%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.840	+0.107%	$1.2M	$557K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.870	+0.171%	$626K	$656K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.800	+0.021%	$822K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.749	−0.088%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.750	−0.084%	$5K	$222K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IREN-USDT	0.0000%	8h	46.810	+0.043%	$990	$331K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.730	−0.128%	$9K	$878	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.705	−0.182%	$4K	$7K	5x	as long as short
QFEX IREN-USDlong	+0.0043%	1h	46.790	long leg	$1.2M	$1.5M	10x
KuCoin IRENUSDTMshort	+0.0100%	8h	46.780	−0.021%	$737K	$282K	20x
tradeXYZ xyz:IREN	+0.0247%	1h	46.841	+0.109%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.715	−0.160%	$85	$31K	10x	as long as short
Lighter RH IREN	+0.0320%	1h	46.906	+0.248%	$70K	$96K	10x	as long as short