Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.011%

Price spread now: Lighter RH against Aster+0.143%7-day average — · you sell dearer than you buy

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

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.143% dearer against Aster than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster IRENUSDT	47.665	0	get 0.0000% / 8h	7h 53m	$29K	$4K	20x
Short	Lighter RH IREN	47.733	0.0032	get 0.0004% / 1h	53m 49s	$68K	$108K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Aster. 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 AsterbpFee Lighter RHbpOrdersPrice spread, now +0.143%Rate

Funding earned: $6.72
Price spread: +0.143% → 0.000%: $14.34
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $13.06
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Aster: no order-book sample; Lighter RH: live order book, 18 min ago. 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 Aster no order-book sample	—	—	—	—	—
Sell Lighter RH live order book, 18 min ago	0.95 bp	1.5 bp −$2	68.3 bp −$683	doesn't fit	doesn't fit

Aster: 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.

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 IRENUSDTlong	0.0000%	8h	47.665	long leg	$29K	$4K	20x
Bybit IRENUSDT	0.0000%	8h	47.670	+0.011%	$1.2M	$473K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.730	+0.137%	$663K	$642K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.680	+0.032%	$747K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.643	−0.045%	$2.0M	$442K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.639	−0.055%	$208K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.590	−0.156%	$5K	$186K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.640	−0.052%	$878	$371K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.620	−0.094%	$9K	$725	20x	as long as short
Vest IREN-USD-PERP	+0.0001%	1h	47.630	−0.073%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance IRENUSDT	+0.0014%	8h	47.700	+0.074%	$3.5M	$6.4M	25x	as long as short
Lighter RH IRENshort	+0.0032%	1h	47.733	+0.143%	$68K	$108K	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.620	−0.094%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.710	+0.095%	$1.2M	$2.1M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.660	−0.010%	$640K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.630	−0.073%	$750K	$156K	20x	as long as short
Phoenix IREN	+0.0388%	1h	47.673	+0.017%	$86	$35K	10x	as long as short
tradeXYZ xyz:IREN	+0.1225%	1h	47.673	+0.017%	$3.2M	$1.9M	10x	as long as short