Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.154%

Price spread now: Lighter RH against Bybit+0.116%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on Bybit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.116%, 7d avg +0.110%

Together, before fees−0.108%+ Points / potential airdropLighter RH: Points live · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.110%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.064%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	47.420	0	get 0.0000% / 8h	17m 32s	$1.2M	$485K	25x
Short	Lighter RH IREN	47.475	0.0032	get 0.0004% / 1h	17m 32s	$68K	$111K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.116%Rate

Funding earned: $6.72
Price spread: +0.116% → +0.110%: $0.55
Slippage, 4 orders: −$39.14
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$42.87
Costs to cover: 0.501%
Break-even: 51.7 days

Slippage from Bybit: live order book, 3 min ago; Lighter RH: live order book, 59 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 Bybit live order book, 3 min ago	2.11 bp	14.2 bp −$14	104.2 bp −$1,042	doesn't fit	doesn't fit
Sell Lighter RH live order book, 59 min ago	3.79 bp	6.4 bp −$6	65.8 bp −$658	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	47.452	+0.066%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.450	+0.063%	$3.5M	$6.5M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.420	long leg	$1.2M	$485K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.440	+0.042%	$662K	$667K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.430	+0.021%	$737K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.403	−0.036%	$2.0M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.444	+0.050%	$208K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.460	+0.084%	$740	$386K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.420	0.000%	$9K	$717	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.360	−0.127%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0005%	8h	47.442	+0.046%	$4K	$189K	10x	as long as short
Lighter RH IRENshort	+0.0032%	1h	47.475	+0.116%	$68K	$111K	10x
QFEX IREN-USD	+0.0032%	1h	47.450	+0.063%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.370	−0.105%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.390	−0.063%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.450	+0.063%	$746K	$154K	20x	as long as short
tradeXYZ xyz:IREN	+0.0242%	1h	47.423	+0.006%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0388%	1h	47.467	+0.099%	$84	$38K	10x	as long as short