Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.083%

Price spread now: tradeXYZ against Variational Omni+0.118%7-day average −0.009% · you sell dearer than you buy

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.084%+$8 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.118%, 7d avg −0.009%

Together, before fees+0.008%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and tradeXYZ is 0.127% dearer against Variational Omni than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IREN	47.547	0	get 0.0000% / 8h	4h 32m	$212K	$87K	—
Short	tradeXYZ xyz:IREN	47.603	0.0092	get 0.0012% / 1h	32m 37s	$3.2M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Variational Omni. 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 Variational OmnibpFee tradeXYZbpOrdersPrice spread, now +0.118%Rate

Funding earned: $19.33
Price spread: +0.118% → −0.009%: $12.74
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $14.07
Costs to cover: 0.180%
Break-even: 1.9 days

Slippage unknown: Variational Omni: RFQ quote, 26 min ago; tradeXYZ: live order book, 5 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 Variational Omni RFQ quote, 26 min ago	5.21 bp	doesn't fit	58.8 bp −$588	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 5 min ago	2.63 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit

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	47.605	+0.122%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.595	+0.101%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.560	+0.028%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	−0.140%	$645K	$619K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.580	+0.070%	$724K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.545	−0.004%	$2.0M	$417K	20x	as long as short
Variational Omni IRENlong	0.0000%	8h	47.547	long leg	$212K	$87K	—
GRVT IREN_USDT_Perp	0.0000%	8h	47.568	+0.044%	$4K	$190K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.590	+0.091%	$636	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.530	−0.035%	$9K	$799	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	47.530	−0.035%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.590	+0.091%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.565	+0.039%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.580	+0.070%	$1.2M	$1.6M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.585	+0.081%	$612K	$182K	10x	as long as short
tradeXYZ xyz:IRENshort	+0.0092%	1h	47.603	+0.118%	$3.2M	$2.0M	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.580	+0.070%	$749K	$218K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.592	+0.095%	$85	$31K	10x	as long as short