Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h +0.093%

Price spread now: Binance against Extended+0.089%7-day average — · you sell dearer than you buy

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

Long on Extended Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

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

The price spread pays, funding is against you. Binance is 0.089% dearer against Extended than usual: you sell high and buy low (spread +0.089% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended IREN_24_5-USD	47.368	0.0040	pay 0.0005% / 1h	23m 51s	$4K	$8K	5x
Short	Binance IRENUSDT	47.410	0	get 0.0000% / 8h	1h 23m	$3.4M	$6.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Extended. 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 ExtendedbpFee BinancebpOrdersPrice spread, now +0.089%Rate

Funding earned: −$8.4
Price spread: +0.089% → 0.000%: $8.89
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$14.51
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Extended: no order-book sample; Binance: live order book, 15 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 Extended no order-book sample	—	—	—	—	—
Sell Binance live order book, 15 min ago	1.05 bp	12.4 bp −$12	41.6 bp −$416	374.6 bp −$37.5K	doesn't fit

Extended: 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
Vest IREN-USD-PERP	−0.0001%	1h	47.310	−0.122%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.398	+0.064%	$29K	$4K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	47.410	+0.089%	$3.4M	$6.7M	25x
Bybit IRENUSDT	0.0000%	8h	47.390	+0.047%	$1.2M	$498K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	+0.173%	$662K	$688K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.400	+0.068%	$743K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.369	+0.002%	$2.0M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.404	+0.076%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.430	+0.131%	$5K	$196K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.410	+0.089%	$599	$389K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	47.380	+0.026%	$9K	$701	20x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.410	+0.089%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USDlong	+0.0040%	1h	47.368	long leg	$4K	$8K	5x
Lighter RH IREN	+0.0056%	1h	47.444	+0.161%	$68K	$114K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.398	+0.065%	$626K	$142K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.430	+0.131%	$751K	$142K	20x	as long as short
tradeXYZ xyz:IREN	+0.0372%	1h	47.397	+0.061%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0405%	1h	47.394	+0.055%	$89	$38K	10x	as long as short