IREN Funding Rate — IREN tokenized stock perpetuals across 9 venues
Tokenized stock (xStock) perpetual · compared across 9 venues · net of estimated fees · updated every few minutes
IREN represents tokenized exposure to IREN shares (a Backed.fi xStock) traded as a perpetual. The perp, its funding and the underlying share are three different things — read the rate with liquidity and the backtest below.
Live annualized IREN perpetual funding across all 9 venues Perpia tracks. Right now IREN funding is positive on 0 and negative on 4, ranging from +0.0% on Bitget to -43.7% on KuCoin — a spread of 43.7%. The widest delta-neutral trade is long KuCoin / short Bitget at 40.5% net APR.
IREN funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
IREN funding rate by venue
22 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| Bitget↗ | +0.0% | 8h |
| Variational↗ | +0.0% | 8h |
| Bybit↗ | +0.0% | 8h |
| OKX↗ | +0.0% | 8h |
| Aster↗ | +0.0% | 8h |
| Hyperliquid↗ | -26.7% | 1h |
| trade.xyz↗ | -26.8% | 1h |
| Gate.io↗ | -41.1% | 8h |
| KuCoin↗ | -43.7% | 8h |
Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the KuCoin vs Bitget page.
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IREN funding — FAQ
Is IREN funding positive right now?
IREN perpetual funding is positive on 0 of 9 venues Perpia tracks and negative on 4. The highest is +0.0% on Bitget; the lowest is -43.7% on KuCoin.
What is the best IREN funding arbitrage right now?
Go long KuCoin and short Bitget for about 40.5% net APR after fees — the widest delta-neutral IREN spread Perpia currently sees.
Which exchange has the highest IREN funding rate?
Bitget, at +0.0% annualized. Funding shifts continuously, so check the live table above before trading.
How IREN funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Related tokenized stocks
See the full list on the tokenized stocks hub.