Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.011%

Price spread now: Aster against Lighter RH−0.051%7-day average — · you buy dearer than you sell

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

Long on Lighter RH Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropLighter RH: Points live · Aster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.051% cheaper against Lighter RH than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH IREN	47.482	0.0032	pay 0.0004% / 1h	42m 35s	$68K	$94K	10x
Short	Aster IRENUSDT	47.458	0	get 0.0000% / 8h	3h 42m	$29K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter RH. 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 Lighter RHbpFee AsterbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$6.72
Price spread: −0.051% → 0.000%: −$5.06
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$19.78
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Lighter RH: no order-book sample; Aster: 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 Lighter RH no order-book sample	—	—	—	—	—
Sell Aster no order-book sample	—	—	—	—	—

Lighter RH and Aster: 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 IRENUSDTshort	0.0000%	8h	47.458	−0.051%	$29K	$4K	20x
Binance IRENUSDT	0.0000%	8h	47.430	−0.110%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.410	−0.152%	$1.2M	$538K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.470	−0.025%	$661K	$635K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.430	−0.110%	$721K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.420	−0.131%	$2.1M	$495K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.497	+0.031%	$212K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.458	−0.051%	$5K	$198K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.420	−0.131%	$970	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.400	−0.173%	$9K	$818	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	−0.131%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERP	+0.0018%	1h	47.360	−0.257%	—	$15K	10x	as long as short
Lighter RH IRENlong	+0.0032%	1h	47.482	long leg	$68K	$94K	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.390	−0.194%	$4K	$7K	5x	as long as short
tradeXYZ xyz:IREN	+0.0070%	1h	47.426	−0.118%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.430	−0.110%	$746K	$224K	20x	as long as short
Paragon para:IREN	+0.0126%	1h	47.400	−0.173%	$609K	$182K	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.440	−0.088%	$83	$31K	10x	as long as short