Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.011%

Price spread now: Lighter RH against Aster−0.136%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm boardneeds both histories

Funding pays, the price is against you. Lighter RH is 0.136% cheaper against Aster than usual: you would sell low and buy high (spread −0.136% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 4.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster IRENUSDT	47.389	0	get 0.0000% / 8h	6h 35m	$29K	$4K	20x
Short	Lighter RH IREN	47.325	0.0104	get 0.0013% / 1h	35m 29s	$68K	$99K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Aster. 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 AsterbpFee Lighter RHbpOrdersPrice spread, now −0.136%Rate

Funding earned: $21.84
Price spread: −0.136% → 0.000%: −$13.61
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $0.23
Costs to cover: 0.080%
Break-even: 6.9 days

Slippage unknown: Aster: no order-book sample; Lighter RH: live order book, 31 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 Aster no order-book sample	—	—	—	—	—
Sell Lighter RH live order book, 31 min ago	5.25 bp	7.4 bp −$7	66.9 bp −$669	doesn't fit	doesn't fit

Aster: 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 IRENUSDTlong	0.0000%	8h	47.389	long leg	$29K	$4K	20x
Bybit IRENUSDT	0.0000%	8h	47.270	−0.252%	$1.2M	$527K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.310	−0.168%	$646K	$636K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.300	−0.189%	$727K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.268	−0.256%	$2.0M	$438K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.283	−0.225%	$209K	$86K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.319	−0.149%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.280	−0.231%	$926	$361K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.270	−0.252%	$9K	$755	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.210	−0.379%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance IRENUSDT	+0.0028%	8h	47.305	−0.179%	$3.4M	$6.3M	25x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.280	−0.231%	$1.3M	$1.9M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.260	−0.273%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.280	−0.231%	$743K	$178K	20x	as long as short
Lighter RH IRENshort	+0.0104%	1h	47.325	−0.136%	$68K	$99K	10x
tradeXYZ xyz:IREN	+0.0246%	1h	47.299	−0.191%	$3.2M	$2.0M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.267	−0.258%	$89	$31K	10x	as long as short
Paragon para:IREN	+0.0538%	1h	47.253	−0.288%	$597K	$172K	10x	as long as short