Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0288%/8h= −31.5% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Lighter RH−0.015%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 Variational Omni

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 airdropLighter RH: Points live · Variational Omni: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH IREN	46.809	0.0288	pay 0.0036% / 1h	39m 11s	$70K	$96K	10x
Short	Variational Omni IREN	46.802	0	get 0.0000% / 8h	1h 39m	$191K	$102K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.015%Rate

Funding earned: −$60.48
Price spread: −0.015% → 0.000%: −$1.54
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$62.02
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter RH: no order-book sample; Variational Omni: RFQ quote, 5 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 Lighter RH no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	6.98 bp	doesn't fit	55.1 bp −$551	doesn't fit	doesn't fit

Lighter RH: 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
Bitget IRENUSDT	−0.0331%	8h	46.727	−0.175%	$2.1M	$522K	20x	as long as short
Vest IREN-USD-PERP	−0.0007%	1h	46.650	−0.340%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.804	−0.010%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.770	−0.083%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.750	−0.126%	$1.2M	$550K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	−0.083%	$624K	$688K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.760	−0.105%	$718K	$1.2M	25x	as long as short
Variational Omni IRENshort	0.0000%	8h	46.802	−0.015%	$191K	$102K	—
GRVT IREN_USDT_Perp	0.0000%	8h	46.820	+0.022%	$5K	$215K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.830	+0.045%	$863	$343K	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	46.730	−0.169%	$9K	$863	20x	as long as short
QFEX IREN-USD	+0.0032%	1h	46.750	−0.126%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.705	−0.222%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	46.717	−0.196%	$601K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.760	−0.105%	$735K	$258K	20x	as long as short
tradeXYZ xyz:IREN	+0.0241%	1h	46.748	−0.130%	$3.1M	$2.0M	10x	as long as short
Lighter RH IRENlong	+0.0288%	1h	46.809	long leg	$70K	$96K	10x
Phoenix IREN	+0.0341%	1h	46.792	−0.036%	$89	$31K	10x	as long as short