Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.011%

Price spread now: Lighter RH against OKX+0.202%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

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

Together, before fees—+ Points / potential airdropLighter RH: Points live · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.202% dearer against OKX than usual: you sell high and buy low: +$20 more if the spread 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	OKX IREN-USDT-SWAP	47.480	0	get 0.0000% / 8h	4h 34m	$645K	$619K	25x
Short	Lighter RH IREN	47.576	0.0032	get 0.0004% / 1h	34m 37s	$69K	$94K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against OKX. 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 OKXbpFee Lighter RHbpOrdersPrice spread, now +0.202%Rate

Funding earned: $6.72
Price spread: +0.202% → 0.000%: $20.22
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $16.94
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 21 min ago; Lighter RH: 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 OKX live order book, 21 min ago	7.37 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH no order-book sample	—	—	—	—	—

Lighter RH: 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	47.584	+0.220%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.567	+0.184%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.540	+0.126%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.480	long leg	$645K	$619K	25x
Gate IREN_USDT	0.0000%	8h	47.550	+0.147%	$724K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.506	+0.055%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.547	+0.140%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.560	+0.168%	$4K	$190K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.560	+0.168%	$830	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.560	+0.168%	$9K	$797	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-PERP	+0.0014%	1h	47.500	+0.042%	—	$15K	10x	as long as short
Lighter RH IRENshort	+0.0032%	1h	47.576	+0.202%	$69K	$94K	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.560	+0.168%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.550	+0.147%	$1.2M	$1.6M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.550	+0.147%	$611K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0094%	1h	47.572	+0.194%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.560	+0.168%	$748K	$218K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.601	+0.255%	$87	$31K	10x	as long as short