Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0006%/8h= −0.6% APRpaid last 24h −0.004%

Price spread now: OKX against Vest+0.212%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 OKX

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.212% dearer against Vest than usual: you sell high and buy low, +$21 on $10k if it 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	Vest IREN-USD-PERP	47.280	0.0006	pay 0.0001% / 1h	42m 55s	—	$15K	10x
Short	OKX IREN-USDT-SWAP	47.380	0	get 0.0000% / 8h	5h 42m	$637K	$674K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.212%Rate

Funding earned: −$1.16
Price spread: +0.212% → 0.000%: $21.15
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee OKX: 5 bp × 2 orders: −$10
Net: $7.99
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Vest: no order-book sample; OKX: 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 OKX live order book, 1 min ago	3.17 bp	38.5 bp −$39	doesn't fit	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 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
Aster IRENUSDT	0.0000%	8h	47.367	+0.185%	$25K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.350	+0.148%	$1.2M	$563K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.380	+0.212%	$637K	$674K	25x
Gate IREN_USDT	0.0000%	8h	47.360	+0.169%	$815K	$1.4M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.328	+0.102%	$2.1M	$648K	20x	as long as short
SunX IREN-USDT	0.0000%	8h	47.320	+0.085%	$1K	$310K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.340	+0.127%	$9K	$874	20x	as long as short
Vest IREN-USD-PERPlong	+0.0006%	1h	47.280	long leg	—	$15K	10x
Lighter RH IREN	+0.0032%	1h	47.391	+0.235%	$71K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.255	−0.053%	$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
Variational Omni IREN	+0.0040%	8h	47.358	+0.165%	$185K	$101K	—	as long as short
QFEX IREN-USD	+0.0049%	1h	47.350	+0.148%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.267	−0.026%	$608K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.380	+0.212%	$749K	$420K	20x	as long as short
Binance IRENUSDT	+0.0164%	8h	47.370	+0.190%	$3.5M	$6.5M	25x	as long as short
tradeXYZ xyz:IREN	+0.0285%	1h	47.352	+0.152%	$3.2M	$2.1M	10x	as long as short
Phoenix IREN	+0.0321%	1h	47.349	+0.146%	$85	$31K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0520%	8h	47.420	+0.296%	$4K	$234K	10x	as long as short