Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.008%

Price spread now: Bitget against Vest+0.042%7-day average — · you sell dearer than you buy

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

Long on Vest Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVest: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.042% dearer against Vest than usual: you sell high and buy low, +$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest IREN-USD-PERP	47.430	0.0009	pay 0.0001% / 1h	12m 32s	—	$15K	10x
Short	Bitget IRENUSDT	47.450	0	get 0.0000% / 8h	5h 12m	$2.0M	$428K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Vest. 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 VestbpFee BitgetbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$1.88
Price spread: +0.042% → 0.000%: $4.22
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$11.66
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Bitget: live order book, 4 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 Vest no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	1.89 bp	29.1 bp −$29	51.3 bp −$513	doesn't fit	doesn't fit

Vest: 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	47.562	+0.278%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.530	+0.211%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.500	+0.148%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.500	+0.148%	$647K	$621K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.520	+0.190%	$721K	$1.2M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.450	+0.042%	$2.0M	$428K	20x
Variational Omni IREN	0.0000%	8h	47.531	+0.212%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.525	+0.199%	$5K	$184K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.530	+0.211%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.500	+0.148%	$9K	$783	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-PERPlong	+0.0009%	1h	47.430	long leg	—	$15K	10x
QFEX IREN-USD	+0.0026%	1h	47.500	+0.148%	$1.2M	$1.7M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.538	+0.228%	$69K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.485	+0.116%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.460	+0.063%	$610K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.500	+0.148%	$746K	$210K	20x	as long as short
tradeXYZ xyz:IREN	+0.0354%	1h	47.506	+0.160%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0355%	1h	47.514	+0.177%	$85	$31K	10x	as long as short