Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against SunX+0.042%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$202as in the Price arb table

costs, in and out, $10k−$2062.061% of the position

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 4 days (all we have)+0.065%+$6 · spread now +0.042%, 7d avg +0.006%

Together, before fees+0.133%+$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: OKX is 0.036% dearer against SunX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.300	0	get 0.0000% / 8h	5h 44m	$1K	$311K	10x
Short	OKX IREN-USDT-SWAP	47.320	0	get 0.0000% / 8h	5h 44m	$636K	$676K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.042%Rate

Funding earned: $0
Price spread: +0.042% → +0.006%: $3.65
Slippage, 4 orders: −$188.09
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$202.44
Costs to cover: 2.061%
Break-even: never at this rate

Slippage from SunX: live order book, 58 min ago; OKX: live order book, 64 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, 58 min ago	45.81 bp	64.4 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 64 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
Aster IRENUSDT	0.0000%	8h	47.342	+0.088%	$25K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.320	+0.042%	$1.2M	$564K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.320	+0.042%	$636K	$676K	25x
Gate IREN_USDT	0.0000%	8h	47.310	+0.021%	$814K	$1.4M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.286	−0.030%	$2.1M	$649K	20x	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.300	long leg	$1K	$311K	10x
HTX IREN-USDT	0.0000%	8h	47.340	+0.085%	$9K	$876	20x	as long as short
Vest IREN-USD-PERP	+0.0005%	1h	47.260	−0.085%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.363	+0.133%	$71K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.270	−0.063%	$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
Variational Omni IREN	+0.0040%	8h	47.358	+0.122%	$185K	$101K	—	as long as short
QFEX IREN-USD	+0.0049%	1h	47.310	+0.021%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.235	−0.137%	$608K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.360	+0.127%	$748K	$418K	20x	as long as short
Binance IRENUSDT	+0.0168%	8h	47.340	+0.085%	$3.5M	$6.5M	25x	as long as short
tradeXYZ xyz:IREN	+0.0268%	1h	47.349	+0.104%	$3.2M	$2.1M	10x	as long as short
Phoenix IREN	+0.0321%	1h	47.468	+0.355%	$84	$31K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0520%	8h	47.420	+0.254%	$4K	$234K	10x	as long as short