Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0130%/8h= +14.3% APRpaid last 24h +0.078%

Price spread now: tradeXYZ against Variational Omni−0.083%7-day average −0.007% · you buy dearer than you sell

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.073%+$7 on $10k

Price spread, last 3 days (all we have)+0.141%+$14 · spread now −0.083%, 7d avg −0.007%

Together, before fees+0.213%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.077% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of −0.007%). If the spread goes back, that is −$8 on $10k: about 47 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IREN	47.602	0	get 0.0000% / 8h	6h 59m	$210K	$87K	—
Short	tradeXYZ xyz:IREN	47.562	0.0130	get 0.0016% / 1h	59m 03s	$3.2M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against Variational Omni. 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 Variational OmnibpFee tradeXYZbpOrdersPrice spread, now −0.083%Rate

Funding earned: $27.35
Price spread: −0.083% → −0.007%: −$7.65
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $1.7
Costs to cover: 0.180%
Break-even: 6.6 days

Slippage unknown: Variational Omni: RFQ quote, 10 min ago; tradeXYZ: live order book, 9 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 Variational Omni RFQ quote, 10 min ago	5.19 bp	doesn't fit	63.4 bp −$634	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 9 min ago	2.94 bp	15.6 bp −$16	doesn't fit	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	47.708	+0.224%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.550	−0.109%	$1.2M	$527K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.510	−0.193%	$658K	$631K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.550	−0.109%	$736K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.536	−0.138%	$2.0M	$437K	20x	as long as short
Variational Omni IRENlong	0.0000%	8h	47.602	long leg	$210K	$87K	—
SunX IREN-USDT	0.0000%	8h	47.590	−0.025%	$966	$359K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.580	−0.046%	$9K	$746	20x	as long as short
Vest IREN-USD-PERP	+0.0003%	1h	47.500	−0.214%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.601	−0.001%	$68K	$96K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.505	−0.203%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.540	−0.130%	$1.2M	$1.9M	10x	as long as short
Binance IRENUSDT	+0.0067%	8h	47.546	−0.116%	$3.5M	$6.2M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.540	−0.130%	$747K	$170K	20x	as long as short
GRVT IREN_USDT_Perp	+0.0103%	8h	47.630	+0.060%	$5K	$182K	10x	as long as short
tradeXYZ xyz:IRENshort	+0.0130%	1h	47.562	−0.083%	$3.2M	$1.9M	10x
Paragon para:IREN	+0.0262%	1h	47.550	−0.109%	$639K	$146K	10x	as long as short
Phoenix IREN	+0.0337%	1h	47.590	−0.025%	$86	$31K	10x	as long as short