Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.011%

Price spread now: Bitget against Lighter RH−0.118%7-day average −0.171% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$650.649% of the position

Long on Lighter RH Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now −0.118%, 7d avg −0.171%

Together, before fees+0.101%+ Points / potential airdropLighter RH: Points live · farm board+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.053% dearer against Lighter RH than usual: you sell high and buy low (spread −0.118% now, against its 7-day average of −0.171%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH IREN	47.440	0.0104	pay 0.0013% / 1h	57m 33s	$69K	$96K	10x
Short	Bitget IRENUSDT	47.384	0	get 0.0000% / 8h	5h 57m	$2.0M	$431K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$21.84
Price spread: −0.118% → −0.171%: $5.32
Slippage, 4 orders: −$52.85
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$81.37
Costs to cover: 0.649%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 69 min ago; Bitget: live order book, 4 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, 69 min ago	5.25 bp	7.4 bp −$7	92.6 bp −$926	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	8.13 bp	32.3 bp −$32	62.3 bp −$623	doesn't fit	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	47.494	+0.115%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.418	−0.046%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.390	−0.105%	$1.2M	$523K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	−0.105%	$646K	$627K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.410	−0.063%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.384	−0.118%	$2.0M	$431K	20x
Variational Omni IREN	0.0000%	8h	47.392	−0.102%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.380	−0.126%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.390	−0.105%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.390	−0.105%	$9K	$767	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0004%	1h	47.300	−0.295%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.400	−0.084%	$1.2M	$1.8M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.350	−0.190%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.370	−0.148%	$609K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.380	−0.126%	$745K	$191K	20x	as long as short
Lighter RH IRENlong	+0.0104%	1h	47.440	long leg	$69K	$96K	10x
Phoenix IREN	+0.0353%	1h	47.417	−0.048%	$85	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0486%	1h	47.409	−0.065%	$3.2M	$1.9M	10x	as long as short