Funding arb · Price arb /

IRYS

all IRYS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.044%

Price spread now: Extended against Bitget−0.151%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.151% cheaper against Bitget than usual: you would sell low and buy high (spread −0.151% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 42 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.082% in total) that is about 13 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.082% in total (about 4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IRYSUSDT	0.01638	0.0100	pay 0.0050% / 4h	1h 17m	$942K	$93K	20x
Short	Extended IRYS-USD	0.01636	0.0384	get 0.0048% / 1h	17m 36s	$5K	$86K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bitget. 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 BitgetbpFee ExtendedbpOrdersPrice spread, now −0.151%Rate

Funding earned: $59.64
Price spread: −0.151% → 0.000%: −$15.05
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $27.59
Costs to cover: 0.170%
Break-even: 3.8 days

Slippage unknown: Bitget: live order book, 43 min ago; Extended: no order-book sample. Net counts fees only.

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 Bitget live order book, 43 min ago	6.18 bp	61.2 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell Extended no order-book sample	—	—	—	—	—

Extended: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

IRYS on 12 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
Bybit IRYSUSDT	+0.0100%	4h	0.01633	−0.293%	$808K	$139K	20x	as long as short
OKX IRYS-USDT-SWAP	+0.0100%	4h	0.01632	−0.366%	$625K	$92K	10x	as long as short
Gate IRYS_USDT	+0.0100%	4h	0.01634	−0.244%	$245K	$8K	20x	as long as short
Bitget IRYSUSDTlong	+0.0100%	4h	0.01638	long leg	$942K	$93K	20x
Variational Omni IRYS	+0.0100%	4h	0.01634	−0.272%	$8K	$6	—	as long as short
Extended IRYS-USDshort	+0.0384%	1h	0.01636	−0.151%	$5K	$86K	5x
MEXC IRYS_USDT	+0.0386%	4h	0.01637	−0.061%	$253K	$110K	20x	as long as short
Binance IRYSUSDT	+0.0388%	4h	0.01636	−0.122%	$1.8M	$728K	20x	as long as short
BloFin IRYS-USDT	+0.0391%	4h	0.01637	−0.061%	$99K	$19K	20x	as long as short
BingX IRYS-USDT	+0.0398%	4h	0.01633	−0.305%	—	$1.2M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IRYSUSDTM	+0.0540%	4h	0.01631	−0.403%	$708K	$6.4M	20x	as long as short
Aster IRYSUSDT	+0.1004%	4h	0.01630	−0.458%	$1K	$2K	5x	as long as short