Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Bybit+0.238%7-day average +0.027% · you sell dearer than you buy

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

Long on Bybit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)−0.179%−$18 · spread now +0.238%, 7d avg +0.027%

Together, before fees−0.237%+ Points / potential airdropVariational Omni: Active · farm board−$24 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 0.211% dearer against Bybit than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	46.980	0	get 0.0000% / 8h	2h 47m	$1.2M	$545K	25x
Short	Variational Omni IREN	47.092	0	get 0.0000% / 8h	2h 47m	$192K	$102K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bybit. 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 BybitbpFee Variational OmnibpOrdersPrice spread, now +0.238%Rate

Funding earned: $0
Price spread: +0.238% → +0.027%: $21.1
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $10.1
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 min ago; Variational Omni: RFQ quote, 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 Bybit live order book, 3 min ago	3.19 bp	22.9 bp −$23	106.7 bp −$1,067	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	5.24 bp	doesn't fit	44.1 bp −$441	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
Bitget IRENUSDT	−0.0067%	8h	47.058	+0.166%	$2.1M	$500K	20x	as long as short
Aster IRENUSDT	0.0000%	8h	46.962	−0.038%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.990	+0.021%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	46.980	long leg	$1.2M	$545K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	+0.213%	$648K	$652K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.060	+0.170%	$722K	$1.2M	25x	as long as short
Variational Omni IRENshort	0.0000%	8h	47.092	+0.238%	$192K	$102K	—
GRVT IREN_USDT_Perp	0.0000%	8h	47.097	+0.248%	$4K	$206K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.090	+0.234%	$1K	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.010	+0.064%	$9K	$836	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	+0.0002%	1h	46.940	−0.085%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.955	−0.053%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	47.070	+0.192%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0048%	1h	47.037	+0.121%	$70K	$95K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.975	−0.010%	$604K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.010	+0.064%	$739K	$238K	20x	as long as short
tradeXYZ xyz:IREN	+0.0313%	1h	46.990	+0.021%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0340%	1h	47.041	+0.130%	$85	$31K	10x	as long as short