Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.011%

Price spread now: Bybit against Lighter RH−0.015%7-day average — · you buy dearer than you sell

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

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter RH: Points live · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.064%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH IREN	47.457	0.0032	pay 0.0004% / 1h	48m 39s	$68K	$94K	10x
Short	Bybit IRENUSDT	47.450	0	get 0.0000% / 8h	3h 48m	$1.2M	$538K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$6.72
Price spread: −0.015% → 0.000%: −$1.48
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$19.2
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Lighter RH: no order-book sample; Bybit: live order book, 2 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 Lighter RH no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	3.16 bp	25.4 bp −$25	104.2 bp −$1,042	doesn't fit	doesn't fit

Lighter RH: 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	47.462	+0.010%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.484	+0.057%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.450	−0.015%	$1.2M	$538K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.520	+0.133%	$646K	$636K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.430	−0.057%	$721K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.426	−0.065%	$2.1M	$495K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.507	+0.105%	$212K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.565	+0.227%	$4K	$197K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.460	+0.006%	$966	$356K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.490	+0.070%	$9K	$814	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	47.420	−0.078%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERP	+0.0018%	1h	47.390	−0.141%	—	$15K	10x	as long as short
Lighter RH IRENlong	+0.0032%	1h	47.457	long leg	$68K	$94K	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.445	−0.025%	$4K	$7K	5x	as long as short
tradeXYZ xyz:IREN	+0.0050%	1h	47.407	−0.105%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.450	−0.015%	$746K	$222K	20x	as long as short
Paragon para:IREN	+0.0186%	1h	47.390	−0.141%	$609K	$182K	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.558	+0.213%	$83	$31K	10x	as long as short