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 +0.078%

Price spread now: Binance against Lighter RH+0.042%7-day average −0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Lighter RH Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 2 days (all we have)−0.078%−$8 · spread now +0.042%, 7d avg −0.091%

Together, before fees−0.064%+ Points / potential airdropLighter RH: Points live · farm board−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.133% dearer against Lighter RH than usual: you sell high and buy low (spread +0.042% now, against its 7-day average of −0.091%): +$13 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH IREN	47.430	0.0032	pay 0.0004% / 1h	18m 45s	$68K	$111K	10x
Short	Binance IRENUSDT	47.450	0	get 0.0000% / 8h	18m 45s	$3.5M	$6.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter RH. 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 Lighter RHbpFee BinancebpOrdersPrice spread, now +0.042%Rate

Funding earned: −$6.72
Price spread: +0.042% → −0.091%: $13.34
Slippage, 4 orders: −$28.71
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$32.09
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 58 min ago; Binance: live order book, 5 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 Lighter RH live order book, 58 min ago	3.79 bp	5.6 bp −$6	87.0 bp −$870	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	1.05 bp	11.4 bp −$11	35.9 bp −$359	211.5 bp −$21.1K	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	47.420	−0.021%	$29K	$4K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	47.450	+0.042%	$3.5M	$6.5M	25x
Bybit IRENUSDT	0.0000%	8h	47.410	−0.042%	$1.2M	$485K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.440	+0.021%	$662K	$667K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.420	−0.021%	$737K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.400	−0.063%	$2.0M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.444	+0.029%	$208K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.460	+0.063%	$867	$386K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.420	−0.021%	$9K	$717	20x	as long as short
Vest IREN-USD-PERP	+0.0005%	1h	47.350	−0.169%	—	$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	+0.0008%	8h	47.449	+0.041%	$4K	$189K	10x	as long as short
Lighter RH IRENlong	+0.0032%	1h	47.430	long leg	$68K	$111K	10x
QFEX IREN-USD	+0.0032%	1h	47.440	+0.021%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.370	−0.127%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.388	−0.088%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.440	+0.021%	$746K	$154K	20x	as long as short
tradeXYZ xyz:IREN	+0.0234%	1h	47.410	−0.042%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0388%	1h	47.467	+0.078%	$84	$38K	10x	as long as short