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: Bybit against Vest+0.084%7-day average — · you sell dearer than you buy

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

Long on Vest Short on Bybit

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 airdropVest: Active · farm boardneeds both histories

The price spread pays, funding is against you. Bybit is 0.084% dearer against Vest than usual: you sell high and buy low (spread +0.084% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest IREN-USD-PERP	47.340	0.0018	pay 0.0002% / 1h	40m 12s	—	$15K	10x
Short	Bybit IRENUSDT	47.380	0	get 0.0000% / 8h	3h 40m	$1.2M	$538K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Vest. 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 VestbpFee BybitbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$3.76
Price spread: +0.084% → 0.000%: $8.45
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$8.31
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Bybit: live order book, 1 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 Vest no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	2.11 bp	15.8 bp −$16	104.5 bp −$1,045	doesn't fit	doesn't fit

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	47.435	+0.201%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.410	+0.148%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.380	+0.084%	$1.2M	$538K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.400	+0.127%	$661K	$634K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.420	+0.169%	$721K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.420	+0.169%	$2.1M	$495K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.412	+0.151%	$211K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.458	+0.249%	$5K	$198K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.420	+0.169%	$970	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.370	+0.063%	$9K	$819	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	47.420	+0.169%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERPlong	+0.0018%	1h	47.340	long leg	—	$15K	10x
Lighter RH IREN	+0.0032%	1h	47.455	+0.243%	$68K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.380	+0.084%	$4K	$7K	5x	as long as short
tradeXYZ xyz:IREN	+0.0061%	1h	47.380	+0.084%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.400	+0.127%	$745K	$224K	20x	as long as short
Paragon para:IREN	+0.0117%	1h	47.370	+0.063%	$609K	$182K	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.440	+0.211%	$84	$31K	10x	as long as short