Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against OKX−0.148%7-day average +0.001% · you buy dearer than you sell

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

Long on OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now −0.148%, 7d avg +0.001%

Together, before fees+0.185%+ Points / potential airdropVariational Omni: Active · farm board+$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.149% cheaper against OKX than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	47.050	0	get 0.0000% / 8h	6h 16m	$629K	$661K	25x
Short	Variational Omni IREN	46.980	0	get 0.0000% / 8h	6h 16m	$183K	$101K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.148%Rate

Funding earned: $0
Price spread: −0.148% → +0.001%: −$14.94
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$24.94
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 32 min ago; Variational Omni: RFQ quote, 35 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 OKX live order book, 32 min ago	4.26 bp	41.3 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 35 min ago	5.24 bp	doesn't fit	59.2 bp −$592	doesn't fit	doesn't fit

IREN on 18 exchanges

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
Vest IREN-USD-PERP	−0.0006%	1h	46.950	−0.213%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.991	−0.126%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.050	0.000%	$1.2M	$566K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.050	long leg	$629K	$661K	25x
Gate IREN_USDT	0.0000%	8h	46.980	−0.149%	$811K	$1.4M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.025	−0.053%	$2.1M	$646K	20x	as long as short
Variational Omni IRENshort	0.0000%	8h	46.980	−0.148%	$183K	$101K	—
SunX IREN-USDT	0.0000%	8h	46.960	−0.191%	$920	$316K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.950	−0.213%	$9K	$872	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.950	−0.213%	$4K	$4K	5x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH IREN	+0.0048%	1h	47.020	−0.064%	$70K	$97K	10x	as long as short
QFEX IREN-USD	+0.0051%	1h	47.000	−0.106%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.945	−0.223%	$604K	$177K	10x	as long as short
Binance IRENUSDT	+0.0061%	8h	47.057	+0.015%	$3.5M	$6.4M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.980	−0.149%	$743K	$387K	20x	as long as short
tradeXYZ xyz:IREN	+0.0250%	1h	47.051	+0.002%	$3.1M	$2.0M	10x	as long as short
GRVT IREN_USDT_Perp	+0.0255%	8h	46.993	−0.120%	$4K	$231K	10x	as long as short
Phoenix IREN	+0.0307%	1h	47.001	−0.104%	$83	$31K	10x	as long as short