Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h −0.171%

Price spread now: Vest against Bybit−0.148%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 Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Vest is 0.148% cheaper against Bybit than usual: you would sell low and buy high, −$15 on $10k if it 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	Bybit IRENUSDT	47.420	0	get 0.0000% / 8h	18m 05s	$1.2M	$485K	25x
Short	Vest IREN-USD-PERP	47.350	0.0004	get 0.0001% / 1h	18m 05s	—	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.148%Rate

Funding earned: $0.91
Price spread: −0.148% → 0.000%: −$14.76
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Vest: 1 bp × 2 orders: −$2
Net: −$26.85
Costs to cover: 0.130%
Break-even: 214.2 days

Slippage unknown: Bybit: live order book, 3 min ago; Vest: 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, 3 min ago	2.11 bp	14.2 bp −$14	104.2 bp −$1,042	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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	47.424	+0.009%	$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	47.420	0.000%	$737K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.400	−0.042%	$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-PERPshort	+0.0004%	1h	47.350	−0.148%	—	$15K	10x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0008%	8h	47.449	+0.062%	$4K	$189K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.431	+0.023%	$68K	$111K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.440	+0.042%	$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	47.388	−0.067%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.440	+0.042%	$746K	$154K	20x	as long as short
tradeXYZ xyz:IREN	+0.0239%	1h	47.406	−0.030%	$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