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: Bitget against Extended+0.095%7-day average — · you sell dearer than you buy

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

Long on Extended Short on Bitget

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

The price spread pays, funding is against you. Bitget is 0.095% dearer against Extended than usual: you sell high and buy low (spread +0.095% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended IREN_24_5-USD	47.335	0.0040	pay 0.0005% / 1h	23m 27s	$4K	$7K	5x
Short	Bitget IRENUSDT	47.380	0	get 0.0000% / 8h	6h 23m	$2.0M	$436K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Extended. 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 ExtendedbpFee BitgetbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$8.4
Price spread: +0.095% → 0.000%: $9.51
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$15.89
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Extended: no order-book sample; Bitget: live order book, 4 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 Extended no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	3.06 bp	25.0 bp −$25	56.2 bp −$562	doesn't fit	doesn't fit

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	47.497	+0.342%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.370	+0.074%	$1.2M	$524K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.410	+0.158%	$648K	$635K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.380	+0.095%	$726K	$1.2M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.380	+0.095%	$2.0M	$436K	20x
Variational Omni IREN	0.0000%	8h	47.412	+0.163%	$209K	$84K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.390	+0.116%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.350	+0.032%	$942	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.360	+0.053%	$9K	$759	20x	as long as short
Vest IREN-USD-PERP	+0.0003%	1h	47.290	−0.095%	—	$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	+0.0011%	8h	47.380	+0.095%	$3.4M	$6.3M	25x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.380	+0.095%	$1.2M	$1.8M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.400	+0.137%	$68K	$99K	10x	as long as short
Extended IREN_24_5-USDlong	+0.0040%	1h	47.335	long leg	$4K	$7K	5x
KuCoin IRENUSDTM	+0.0100%	8h	47.360	+0.053%	$744K	$183K	20x	as long as short
tradeXYZ xyz:IREN	+0.0263%	1h	47.372	+0.078%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.393	+0.123%	$86	$31K	10x	as long as short
Paragon para:IREN	+0.0370%	1h	47.350	+0.032%	$599K	$172K	10x	as long as short