Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.007%

Price spread now: Vest against Variational Omni−0.130%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · Vest: Active · farm boardneeds both histories

Funding pays, the price is against you. Vest is 0.130% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.130% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 24 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IREN	47.412	0	get 0.0000% / 8h	3h 41m	$211K	$85K	—
Short	Vest IREN-USD-PERP	47.350	0.0018	get 0.0002% / 1h	41m 01s	—	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.130%Rate

Funding earned: $3.8
Price spread: −0.130% → 0.000%: −$13.01
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Vest: 1 bp × 2 orders: −$2
Net: −$11.22
Costs to cover: 0.020%
Break-even: 27.7 days

Slippage unknown: Variational Omni: RFQ quote, 13 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 Variational Omni RFQ quote, 13 min ago	5.20 bp	doesn't fit	64.1 bp −$641	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
Aster IRENUSDT	0.0000%	8h	47.442	+0.063%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.404	−0.016%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.390	−0.046%	$1.2M	$538K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.460	+0.102%	$661K	$635K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.410	−0.004%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.420	+0.018%	$2.1M	$495K	20x	as long as short
Variational Omni IRENlong	0.0000%	8h	47.412	long leg	$211K	$85K	—
GRVT IREN_USDT_Perp	0.0000%	8h	47.458	+0.097%	$5K	$198K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.420	+0.018%	$970	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.400	−0.025%	$9K	$817	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0011%	1h	47.410	−0.004%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERPshort	+0.0018%	1h	47.350	−0.130%	—	$15K	10x
Lighter RH IREN	+0.0032%	1h	47.464	+0.110%	$68K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.380	−0.067%	$4K	$7K	5x	as long as short
tradeXYZ xyz:IREN	+0.0065%	1h	47.400	−0.025%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.420	+0.018%	$746K	$224K	20x	as long as short
Paragon para:IREN	+0.0118%	1h	47.380	−0.067%	$609K	$182K	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.440	+0.060%	$84	$31K	10x	as long as short