Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.012%

Price spread now: Bybit against Extended+0.034%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 6 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. Bybit is 0.034% dearer against Extended than usual: you sell high and buy low (spread +0.034% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended IREN_24_5-USD	47.154	0.0040	pay 0.0005% / 1h	50m 58s	$4K	$4K	5x
Short	Bybit IRENUSDT	47.170	0	get 0.0000% / 8h	4h 50m	$1.2M	$548K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$8.4
Price spread: +0.034% → 0.000%: $3.37
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$21.03
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Extended: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	2.12 bp	31.2 bp −$31	520.5 bp −$5,205	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 exchanges

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	47.203	+0.103%	$24K	$9K	20x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.170	+0.034%	$1.2M	$548K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.190	+0.076%	$637K	$672K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.170	+0.034%	$809K	$1.3M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.149	−0.011%	$2.1M	$648K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.262	+0.230%	$184K	$98K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.270	+0.246%	$1K	$295K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.180	+0.055%	$9K	$868	20x	as long as short
Vest IREN-USD-PERP	+0.0014%	1h	47.120	−0.072%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.195	+0.087%	$72K	$97K	10x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0035%	1h	47.170	+0.034%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USDlong	+0.0040%	1h	47.154	long leg	$4K	$4K	5x
Paragon para:IREN	+0.0060%	1h	47.140	−0.030%	$606K	$176K	10x	as long as short
Binance IRENUSDT	+0.0078%	8h	47.190	+0.076%	$3.5M	$6.3M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.190	+0.076%	$746K	$465K	20x	as long as short
GRVT IREN_USDT_Perp	+0.0111%	8h	47.249	+0.200%	$5K	$242K	10x	as long as short
tradeXYZ xyz:IREN	+0.0165%	1h	47.147	−0.015%	$3.2M	$2.0M	10x	as long as short
Phoenix IREN	+0.0355%	1h	47.150	−0.009%	$83	$31K	10x	as long as short