Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.082%

Price spread now: Variational Omni against tradeXYZ+0.192%7-day average +0.010% · you sell dearer than you buy

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.085%−$8 on $10k

Price spread, last 4 days (all we have)−0.244%−$24 · spread now +0.192%, 7d avg +0.010%

Together, before fees−0.329%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.182% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.192% now, against its 7-day average of +0.010%): +$18 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	47.321	0.0093	pay 0.0012% / 1h	36m 55s	$3.2M	$2.0M	10x
Short	Variational Omni IREN	47.412	0	get 0.0000% / 8h	3h 36m	$211K	$85K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now +0.192%Rate

Funding earned: −$19.59
Price spread: +0.192% → +0.010%: $18.2
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.39
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: tradeXYZ: live order book, 1 min ago; Variational Omni: RFQ quote, 17 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 tradeXYZ live order book, 1 min ago	2.01 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 17 min ago	5.20 bp	doesn't fit	75.3 bp −$753	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
Aster IRENUSDT	0.0000%	8h	47.350	+0.061%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.340	+0.040%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.310	−0.023%	$1.2M	$539K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.330	+0.019%	$653K	$651K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.330	+0.019%	$718K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.313	−0.017%	$2.1M	$497K	20x	as long as short
Variational Omni IRENshort	0.0000%	8h	47.412	+0.192%	$211K	$85K	—
GRVT IREN_USDT_Perp	0.0000%	8h	47.358	+0.077%	$4K	$199K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.300	−0.044%	$968	$354K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.370	+0.104%	$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	47.300	−0.044%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERP	+0.0017%	1h	47.220	−0.213%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.300	−0.044%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0048%	1h	47.362	+0.087%	$68K	$95K	10x	as long as short
tradeXYZ xyz:IRENlong	+0.0093%	1h	47.321	long leg	$3.2M	$2.0M	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.320	−0.002%	$743K	$224K	20x	as long as short
Paragon para:IREN	+0.0131%	1h	47.253	−0.144%	$607K	$182K	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.410	+0.188%	$86	$31K	10x	as long as short