Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.012%

Price spread now: Extended against Bybit−0.053%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Extended

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 airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.053% cheaper against Bybit than usual: you would sell low and buy high (spread −0.053% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 4.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	47.350	0	get 0.0000% / 8h	6h 46m	$1.2M	$527K	25x
Short	Extended IREN_24_5-USD	47.325	0.0040	get 0.0005% / 1h	46m 50s	$4K	$7K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now −0.053%Rate

Funding earned: $8.4
Price spread: −0.053% → 0.000%: −$5.28
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$12.88
Costs to cover: 0.160%
Break-even: 17.7 days

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	3.16 bp	27.4 bp −$27	113.5 bp −$1,135	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.

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	47.448	+0.207%	$29K	$4K	20x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.350	long leg	$1.2M	$527K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.360	+0.021%	$647K	$637K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.370	+0.042%	$730K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.345	−0.011%	$2.0M	$438K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.423	+0.153%	$209K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.430	+0.169%	$4K	$182K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.380	+0.063%	$842	$361K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.380	+0.063%	$9K	$749	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.260	−0.190%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0029%	1h	47.350	0.000%	$1.3M	$1.9M	10x	as long as short
Extended IREN_24_5-USDshort	+0.0040%	1h	47.325	−0.053%	$4K	$7K	5x
Binance IRENUSDT	+0.0046%	8h	47.371	+0.045%	$3.4M	$6.3M	25x	as long as short
Lighter RH IREN	+0.0048%	1h	47.395	+0.095%	$68K	$96K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.350	0.000%	$744K	$172K	20x	as long as short
tradeXYZ xyz:IREN	+0.0327%	1h	47.372	+0.046%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.449	+0.209%	$87	$31K	10x	as long as short
Paragon para:IREN	+0.0663%	1h	47.310	−0.084%	$601K	$169K	10x	as long as short