Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.083%

Price spread now: Bybit against tradeXYZ−0.053%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$680.684% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.254%−$25 on $10k

Price spread, last 7 days+0.003%$0 · spread now −0.053%, 7d avg +0.008%

Together, before fees−0.252%+ Points / potential airdroptradeXYZ: Active · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.061% cheaper against tradeXYZ than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	47.595	0.0093	pay 0.0012% / 1h	33m 07s	$3.2M	$2.0M	10x
Short	Bybit IRENUSDT	47.570	0	get 0.0000% / 8h	4h 33m	$1.2M	$541K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against tradeXYZ. 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 tradeXYZbpFee BybitbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$19.6
Price spread: −0.053% → +0.008%: −$6.06
Slippage, 4 orders: −$39.42
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$94.09
Costs to cover: 0.684%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 5 min ago; Bybit: live order book, 3 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 tradeXYZ live order book, 5 min ago	2.63 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.05 bp	12.8 bp −$13	98.2 bp −$982	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	47.598	+0.007%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.595	0.000%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.570	−0.053%	$1.2M	$541K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	−0.242%	$645K	$619K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.570	−0.053%	$724K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.537	−0.122%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.547	−0.102%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.568	−0.057%	$4K	$190K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.590	−0.011%	$636	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.530	−0.137%	$9K	$799	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0014%	1h	47.530	−0.137%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.589	−0.013%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.565	−0.063%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.580	−0.032%	$1.2M	$1.6M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.570	−0.053%	$612K	$182K	10x	as long as short
tradeXYZ xyz:IRENlong	+0.0093%	1h	47.595	long leg	$3.2M	$2.0M	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.570	−0.053%	$748K	$218K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.592	−0.006%	$85	$31K	10x	as long as short