Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.012%

Price spread now: Extended against Bybit−0.043%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Extended is 0.043% cheaper against Bybit than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 3.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	46.830	0	get 0.0000% / 8h	34m 16s	$1.2M	$552K	25x
Short	Extended IREN_24_5-USD	46.810	0.0040	get 0.0005% / 1h	34m 16s	$4K	$7K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now −0.043%Rate

Funding earned: $8.4
Price spread: −0.043% → 0.000%: −$4.27
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$11.87
Costs to cover: 0.160%
Break-even: 16.9 days

Slippage unknown: Bybit: live order book, 1 min ago; Extended: no order-book sample. 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 Bybit live order book, 1 min ago	2.13 bp	20.7 bp −$21	116.5 bp −$1,165	doesn't fit	doesn't fit
Sell Extended no order-book sample	—	—	—	—	—

Extended: 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
Bitget IRENUSDT	−0.0235%	8h	46.831	+0.002%	$2.1M	$538K	20x	as long as short
Vest IREN-USD-PERP	−0.0001%	1h	46.760	−0.149%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.899	+0.148%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.880	+0.107%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	46.830	long leg	$1.2M	$552K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	46.910	+0.171%	$626K	$690K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.910	+0.171%	$754K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.861	+0.066%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.889	+0.127%	$5K	$219K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.860	+0.064%	$1K	$335K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.840	+0.021%	$9K	$877	20x	as long as short
Extended IREN_24_5-USDshort	+0.0040%	1h	46.810	−0.043%	$4K	$7K	5x
QFEX IREN-USD	+0.0043%	1h	46.850	+0.043%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.809	−0.044%	$602K	$177K	10x	as long as short
Lighter RH IREN	+0.0088%	1h	46.887	+0.122%	$70K	$97K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.870	+0.085%	$737K	$264K	20x	as long as short
tradeXYZ xyz:IREN	+0.0149%	1h	46.841	+0.023%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.826	−0.009%	$88	$31K	10x	as long as short