Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h −0.006%

Price spread now: Bybit against Vest+0.214%7-day average — · you sell dearer than you buy

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

Long on Vest Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.214% dearer against Vest than usual: you sell high and buy low, +$21 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest IREN-USD-PERP	46.650	−0.0007	get 0.0001% / 1h	39m 09s	—	$15K	10x
Short	Bybit IRENUSDT	46.750	0	get 0.0000% / 8h	1h 39m	$1.2M	$550K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Vest. 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 VestbpFee BybitbpOrdersPrice spread, now +0.214%Rate

Funding earned: $1.55
Price spread: +0.214% → 0.000%: $21.44
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $9.98
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Vest: no order-book sample; Bybit: live order book, 1 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 Vest no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	2.14 bp	24.1 bp −$24	100.3 bp −$1,003	doesn't fit	doesn't fit

Vest: 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	+0.165%	$2.1M	$522K	20x	as long as short
Vest IREN-USD-PERPlong	−0.0007%	1h	46.650	long leg	—	$15K	10x
Aster IRENUSDT	0.0000%	8h	46.804	+0.331%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.770	+0.257%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	46.750	+0.214%	$1.2M	$550K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	+0.257%	$624K	$688K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.760	+0.236%	$718K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.802	+0.325%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.820	+0.363%	$5K	$215K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.830	+0.386%	$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	+0.171%	$9K	$863	20x	as long as short
QFEX IREN-USD	+0.0032%	1h	46.750	+0.214%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.705	+0.118%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	46.717	+0.144%	$601K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.760	+0.236%	$735K	$258K	20x	as long as short
tradeXYZ xyz:IREN	+0.0241%	1h	46.748	+0.210%	$3.1M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0288%	1h	46.809	+0.341%	$70K	$96K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.792	+0.304%	$89	$31K	10x	as long as short