Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.085%

Price spread now: Bybit against Variational Omni−0.091%7-day average −0.020% · you buy dearer than you sell

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now −0.091%, 7d avg −0.020%

Together, before fees+0.083%+ Points / potential airdropVariational Omni: Active · farm board+$8 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: Bybit is 0.070% cheaper against Variational Omni than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IREN	47.363	0	get 0.0000% / 8h	2h 28m	$187K	$68K	—
Short	Bybit IRENUSDT	47.320	0	get 0.0000% / 8h	2h 28m	$1.2M	$503K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → −0.020%: −$7.01
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$18.01
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 60 min ago; 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 Variational Omni RFQ quote, 60 min ago	6.91 bp	doesn't fit	65.6 bp −$656	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	4.23 bp	19.4 bp −$19	120.4 bp −$1,204	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	47.375	+0.025%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.362	−0.001%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.320	−0.091%	$1.2M	$503K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.330	−0.069%	$661K	$691K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.340	−0.048%	$741K	$1.6M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.333	−0.063%	$2.0M	$537K	20x	as long as short
Variational Omni IRENlong	0.0000%	8h	47.363	long leg	$187K	$68K	—
GRVT IREN_USDT_Perp	0.0000%	8h	47.350	−0.027%	$4K	$205K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.360	−0.006%	$912	$389K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.300	−0.133%	$9K	$673	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	+0.0003%	1h	47.270	−0.196%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0018%	1h	47.330	−0.069%	$1.2M	$2.1M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.390	+0.057%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.310	−0.112%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0055%	1h	47.331	−0.067%	$622K	$126K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.360	−0.006%	$751K	$144K	20x	as long as short
tradeXYZ xyz:IREN	+0.0309%	1h	47.370	+0.015%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0320%	1h	47.386	+0.049%	$85	$38K	10x	as long as short