Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h −0.010%

Price spread now: GRVT against Lighter RH−0.030%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$480.475% of the position

Long on Lighter RH Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now −0.030%, 7d avg −0.074%

Together, before fees+0.018%+ Points / potential airdropLighter RH: Points live · GRVT: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.044% dearer against Lighter RH than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH IREN	47.664	0.0032	pay 0.0004% / 1h	5m 14s	$68K	$109K	10x
Short	GRVT IREN_USDT_Perp	47.649	0.0119	get 0.0119% / 8h	7h 05m	$5K	$182K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.030%Rate

Funding earned: $18.27
Price spread: −0.030% → −0.074%: $4.38
Slippage, 4 orders: −$38.51
Fee Lighter RH: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$24.86
Costs to cover: 0.475%
Break-even: 16.5 days

Slippage from Lighter RH: live order book, 2 min ago; GRVT: live order book, 63 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, 2 min ago	5.25 bp	7.4 bp −$7	92.6 bp −$926	doesn't fit	doesn't fit
Sell GRVT live order book, 63 min ago	3.16 bp	15.6 bp −$16	50.2 bp −$502	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	47.752	+0.185%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.630	−0.071%	$1.2M	$525K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.620	−0.092%	$659K	$632K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.630	−0.071%	$739K	$1.3M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.594	−0.147%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.646	−0.037%	$210K	$87K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.650	−0.029%	$930	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.570	−0.197%	$9K	$743	20x	as long as short
Vest IREN-USD-PERP	+0.0002%	1h	47.550	−0.239%	—	$15K	10x	as long as short
Lighter RH IRENlong	+0.0032%	1h	47.664	long leg	$68K	$109K	10x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.595	−0.145%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.630	−0.071%	$1.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.590	−0.156%	$640K	$146K	10x	as long as short
Binance IRENUSDT	+0.0064%	8h	47.640	−0.050%	$3.5M	$6.2M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.640	−0.050%	$749K	$170K	20x	as long as short
GRVT IREN_USDT_Perpshort	+0.0119%	8h	47.649	−0.030%	$5K	$182K	10x
Phoenix IREN	+0.0337%	1h	47.619	−0.094%	$83	$35K	10x	as long as short
tradeXYZ xyz:IREN	+0.0349%	1h	47.615	−0.103%	$3.2M	$1.9M	10x	as long as short