Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.105%

Price spread now: Binance against SunX+0.021%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$149as in the Funding arb table

Net, price: spread back to 7d avg − costs−$157as in the Price arb table

costs, in and out, $10k−$1601.600% of the position

Long on SunX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 2 days (all we have)+0.023%+$2 · spread now +0.021%, 7d avg −0.011%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.032% dearer against SunX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.450	0	get 0.0000% / 8h	40m 05s	$1K	$386K	10x
Short	Binance IRENUSDT	47.460	0	get 0.0000% / 8h	40m 05s	$3.5M	$6.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against SunX. 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 SunXbpFee BinancebpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → −0.011%: $3.17
Slippage, 4 orders: −$141.97
Fee SunX: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$156.8
Costs to cover: 1.600%
Break-even: never at this rate

Slippage from SunX: live order book, 21 min ago; Binance: live order book, 14 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 SunX live order book, 21 min ago	47.43 bp	67.0 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	1.05 bp	14.1 bp −$14	48.8 bp −$488	232.7 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
Vest IREN-USD-PERP	−0.0002%	1h	47.370	−0.169%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.448	−0.004%	$29K	$4K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	47.460	+0.021%	$3.5M	$6.6M	25x
Bybit IRENUSDT	0.0000%	8h	47.440	−0.021%	$1.2M	$490K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	0.000%	$662K	$669K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.450	0.000%	$737K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.425	−0.053%	$2.0M	$503K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.464	+0.030%	$207K	$88K	—	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.450	long leg	$1K	$386K	10x
HTX IREN-USDT	0.0000%	8h	47.430	−0.042%	$9K	$710	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0026%	8h	47.460	+0.021%	$4K	$191K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.450	0.000%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.425	−0.053%	$4K	$8K	5x	as long as short
Lighter RH IREN	+0.0056%	1h	47.483	+0.070%	$68K	$111K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.420	−0.063%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.470	+0.042%	$746K	$154K	20x	as long as short
tradeXYZ xyz:IREN	+0.0334%	1h	47.442	−0.017%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0388%	1h	47.443	−0.015%	$91	$38K	10x	as long as short