Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.012%

Price spread now: OKX against Extended−0.032%7-day average — · you buy dearer than you sell

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

Long on Extended Short on OKX

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.032% cheaper against Extended than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended IREN_24_5-USD	46.285	0.0040	pay 0.0005% / 1h	34m 51s	$4K	$7K	5x
Short	OKX IREN-USDT-SWAP	46.270	0	get 0.0000% / 8h	7h 34m	$619K	$648K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Extended. 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 ExtendedbpFee OKXbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$8.4
Price spread: −0.032% → 0.000%: −$3.24
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$26.64
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Extended: no order-book sample; OKX: live order book, 61 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 Extended no order-book sample	—	—	—	—	—
Sell OKX live order book, 61 min ago	4.27 bp	25.8 bp −$26	doesn't fit	doesn't fit	doesn't fit

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	−0.0127%	8h	46.228	−0.123%	$2.1M	$650K	20x	as long as short
Paragon para:IREN	−0.0111%	1h	46.333	+0.104%	$596K	$177K	10x	as long as short
Vest IREN-USD-PERP	−0.0016%	1h	46.230	−0.119%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.318	+0.071%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.300	+0.032%	$3.5M	$6.3M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.250	−0.076%	$1.2M	$569K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	46.270	−0.032%	$619K	$648K	25x
Gate IREN_USDT	0.0000%	8h	46.300	+0.032%	$812K	$1.3M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.347	+0.135%	$181K	$101K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.447	+0.351%	$4K	$223K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IREN-USDT	0.0000%	8h	46.420	+0.292%	$1K	$327K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.270	−0.032%	$9K	$876	20x	as long as short
Extended IREN_24_5-USDlong	+0.0040%	1h	46.285	long leg	$4K	$7K	5x
QFEX IREN-USD	+0.0068%	1h	46.340	+0.119%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0072%	1h	46.355	+0.151%	$69K	$98K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.330	+0.097%	$732K	$307K	20x	as long as short
tradeXYZ xyz:IREN	+0.0202%	1h	46.309	+0.052%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0342%	1h	46.387	+0.220%	$82	$31K	10x	as long as short