Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.011%

Price spread now: Lighter RH against Bitget+0.125%7-day average +0.171% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$650.649% of the position

Long on Bitget Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.125%, 7d avg +0.171%

Together, before fees−0.107%+ Points / potential airdropLighter RH: Points live · farm board−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.047% cheaper against Bitget than usual: you would sell low and buy high (spread +0.125% now, against its 7-day average of +0.171%). If the spread goes back, that is −$5 on $10k: about 23 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IRENUSDT	47.383	0	get 0.0000% / 8h	5h 57m	$2.0M	$431K	20x
Short	Lighter RH IREN	47.442	0.0160	get 0.0020% / 1h	57m 07s	$69K	$96K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.125%Rate

Funding earned: $33.6
Price spread: +0.125% → +0.171%: −$4.67
Slippage, 4 orders: −$52.85
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$35.92
Costs to cover: 0.649%
Break-even: 14.5 days

Slippage from Bitget: live order book, 5 min ago; Lighter RH: live order book, 70 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 Bitget live order book, 5 min ago	8.13 bp	17.7 bp −$18	36.5 bp −$365	doesn't fit	doesn't fit
Sell Lighter RH live order book, 70 min ago	5.25 bp	7.4 bp −$7	66.9 bp −$669	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	47.481	+0.208%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.430	+0.099%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.400	+0.036%	$1.2M	$523K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	+0.015%	$646K	$627K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.400	+0.036%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.383	long leg	$2.0M	$431K	20x
Variational Omni IREN	0.0000%	8h	47.392	+0.018%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.380	−0.006%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.390	+0.015%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.390	+0.015%	$9K	$767	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	+0.0004%	1h	47.300	−0.175%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.400	+0.036%	$1.2M	$1.8M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.355	−0.059%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.370	−0.027%	$609K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.380	−0.006%	$744K	$192K	20x	as long as short
Lighter RH IRENshort	+0.0160%	1h	47.442	+0.125%	$69K	$96K	10x
Phoenix IREN	+0.0353%	1h	47.417	+0.072%	$87	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0508%	1h	47.412	+0.061%	$3.2M	$1.9M	10x	as long as short