Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.010%

Price spread now: OKX against QFEX+0.063%7-day average +0.025% · 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−$76as in the Price arb table

costs, in and out, $10k−$800.797% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.055%+$6 on $10k

Price spread, last 4 days (all we have)−0.359%−$36 · spread now +0.063%, 7d avg +0.025%

Together, before fees−0.304%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.038% dearer against QFEX than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of +0.025%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days. Mind the row above: over the last 4 days funding on this pair paid +0.055%, 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	47.300	0.0051	pay 0.0006% / 1h	1h 00m	$1.2M	$1.5M	10x
Short	OKX IREN-USDT-SWAP	47.330	0	get 0.0000% / 8h	6h 00m	$633K	$665K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$10.79
Price spread: +0.063% → +0.025%: $3.8
Slippage, 4 orders: −$59.7
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$86.69
Costs to cover: 0.797%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; OKX: live order book, 49 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, 5 min ago	3.17 bp	10.7 bp −$11	21.9 bp −$219	doesn't fit	doesn't fit
Sell OKX live order book, 49 min ago	4.26 bp	19.6 bp −$20	doesn't fit	doesn't fit	doesn't fit

IREN on 18 exchanges

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
Vest IREN-USD-PERP	−0.0002%	1h	47.230	−0.148%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.231	−0.146%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.350	+0.106%	$1.2M	$565K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.330	+0.063%	$633K	$665K	25x
Gate IREN_USDT	0.0000%	8h	47.330	+0.063%	$814K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.327	+0.057%	$2.1M	$647K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.269	−0.066%	$184K	$101K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.330	+0.063%	$996	$312K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.190	−0.233%	$9K	$874	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.301	+0.002%	$4K	$4K	5x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USDlong	+0.0051%	1h	47.300	long leg	$1.2M	$1.5M	10x
Paragon para:IREN	+0.0060%	1h	47.255	−0.096%	$608K	$177K	10x	as long as short
Lighter RH IREN	+0.0064%	1h	47.378	+0.165%	$71K	$98K	10x	as long as short
Binance IRENUSDT	+0.0099%	8h	47.360	+0.127%	$3.5M	$6.5M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.300	0.000%	$747K	$404K	20x	as long as short
tradeXYZ xyz:IREN	+0.0248%	1h	47.326	+0.055%	$3.1M	$2.0M	10x	as long as short
GRVT IREN_USDT_Perp	+0.0306%	8h	47.262	−0.080%	$4K	$232K	10x	as long as short
Phoenix IREN	+0.0307%	1h	47.176	−0.262%	$83	$31K	10x	as long as short