IRYS arbitrage explained
Right now Irys (IRYS) trades on 9 venues we scan: 9 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on OKX spot at $0.0149 and the highest bid on MEXC perp at $0.0149.
The widest IRYS perpetual spread is between OKX and Binance: long IRYS on OKX at $0.0149 and short on Binance at $0.0149 for +0.07% gross, or -0.09% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best IRYS route is to buy spot on OKX and short the perpetual on Binance: +0.20% gross, +0.00% net, with +0.030% a day of funding on the short leg.
Spot–spot IRYS arbitrage (buy on OKX, withdraw, deposit and sell on KuCoin) shows +0.13% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small IRYS gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: IRYS funding rates · IRYS spread charts · Irys price · arbitrage scanner for all coins.