Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.006%

Price spread now: Vest against Bybit−0.214%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 Vest

What this pair did over the last

the charts below follow

Funding, last 4 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: Vest is 0.214% cheaper against Bybit than usual: you would sell low and buy high, −$21 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	Bybit IRENUSDT	46.750	0	get 0.0000% / 8h	4m 17s	$1.2M	$553K	25x
Short	Vest IREN-USD-PERP	46.650	−0.0004	pay 0.0000% / 1h	4m 17s	—	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.214%Rate

Funding earned: −$0.79
Price spread: −0.214% → 0.000%: −$21.39
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Vest: 1 bp × 2 orders: −$2
Net: −$35.18
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; Vest: 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	2.14 bp	30.3 bp −$30	152.9 bp −$1,529	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

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
Bitget IRENUSDT	−0.0183%	8h	46.739	−0.024%	$2.1M	$545K	20x	as long as short
Vest IREN-USD-PERPshort	−0.0004%	1h	46.650	−0.214%	—	$15K	10x
Aster IRENUSDT	0.0000%	8h	46.841	+0.194%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.787	+0.078%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	46.750	long leg	$1.2M	$553K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	+0.043%	$625K	$656K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.770	+0.043%	$819K	$1.3M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.764	+0.029%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.766	+0.034%	$4K	$222K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.760	+0.021%	$943	$331K	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	46.740	−0.021%	$9K	$878	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.705	−0.096%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.760	+0.021%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.738	−0.025%	$601K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.780	+0.064%	$736K	$279K	20x	as long as short
Lighter RH IREN	+0.0216%	1h	46.809	+0.126%	$70K	$98K	10x	as long as short
tradeXYZ xyz:IREN	+0.0226%	1h	46.744	−0.013%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.752	+0.004%	$82	$31K	10x	as long as short