Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Extended+0.182%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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 · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.182% dearer against Extended than usual: you sell high and buy low (spread +0.182% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended IREN_24_5-USD	47.500	0.0040	pay 0.0005% / 1h	51m 21s	$4K	$7K	5x
Short	Variational Omni IREN	47.587	0	get 0.0000% / 8h	3h 51m	$212K	$86K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.182%Rate

Funding earned: −$8.4
Price spread: +0.182% → 0.000%: $18.25
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $4.85
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 3 min ago	5.20 bp	doesn't fit	75.3 bp −$753	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	47.559	+0.124%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.514	+0.030%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.490	−0.021%	$1.2M	$539K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.580	+0.168%	$648K	$622K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.530	+0.063%	$722K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.509	+0.019%	$2.1M	$499K	20x	as long as short
Variational Omni IRENshort	0.0000%	8h	47.587	+0.182%	$212K	$86K	—
GRVT IREN_USDT_Perp	0.0000%	8h	47.565	+0.137%	$4K	$197K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.610	+0.232%	$922	$356K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.490	−0.021%	$9K	$815	20x	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	+0.0011%	1h	47.470	−0.063%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERP	+0.0018%	1h	47.440	−0.126%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.542	+0.088%	$68K	$94K	10x	as long as short
Extended IREN_24_5-USDlong	+0.0040%	1h	47.500	long leg	$4K	$7K	5x
tradeXYZ xyz:IREN	+0.0050%	1h	47.505	+0.011%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.510	+0.021%	$747K	$223K	20x	as long as short
Paragon para:IREN	+0.0212%	1h	47.480	−0.042%	$610K	$182K	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.558	+0.122%	$87	$31K	10x	as long as short