Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.018%

Price spread now: Bitget against Variational Omni+0.089%7-day average −0.092% · you sell dearer than you buy

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

Long on Variational Omni Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.066%−$7 on $10k

Price spread, last 4 days (all we have)−0.203%−$20 · spread now +0.089%, 7d avg −0.092%

Together, before fees−0.269%+ Points / potential airdropVariational Omni: Active · farm board−$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.181% dearer against Variational Omni than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IREN	47.269	0	get 0.0000% / 8h	5h 57m	$184K	$101K	—
Short	Bitget IRENUSDT	47.311	0	get 0.0000% / 8h	5h 57m	$2.1M	$647K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee BitgetbpOrdersPrice spread, now +0.089%Rate

Funding earned: $0
Price spread: +0.089% → −0.092%: $18.09
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: $6.09
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 54 min ago; Bitget: live order book, 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 Variational Omni RFQ quote, 54 min ago	5.24 bp	doesn't fit	101.8 bp −$1,018	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	3.17 bp	41.9 bp −$42	74.0 bp −$740	doesn't fit	doesn't fit

IREN on 18 exchanges

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
Vest IREN-USD-PERP	−0.0001%	1h	47.260	−0.019%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.258	−0.022%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.320	+0.108%	$1.2M	$565K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.350	+0.172%	$633K	$665K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.330	+0.129%	$814K	$1.4M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.311	+0.089%	$2.1M	$647K	20x
Variational Omni IRENlong	0.0000%	8h	47.269	long leg	$184K	$101K	—
SunX IREN-USDT	0.0000%	8h	47.330	+0.129%	$1K	$312K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.290	+0.045%	$9K	$877	20x	as long as short
Lighter RH IREN	+0.0040%	1h	47.356	+0.184%	$71K	$96K	10x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.289	+0.042%	$4K	$4K	5x	as long as short
QFEX IREN-USD	+0.0049%	1h	47.320	+0.108%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.303	+0.071%	$608K	$177K	10x	as long as short
tradeXYZ xyz:IREN	+0.0099%	1h	47.339	+0.148%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.280	+0.023%	$747K	$406K	20x	as long as short
Binance IRENUSDT	+0.0115%	8h	47.340	+0.150%	$3.5M	$6.5M	25x	as long as short
Phoenix IREN	+0.0307%	1h	47.288	+0.040%	$88	$31K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0369%	8h	47.331	+0.131%	$5K	$233K	10x	as long as short