Over 44 days of 20-level order-book snapshots, xyz:IREN quoted a median spread of 5.67 bps in US regular hours with $133k resting within 25 bps of mid. A $25k market order paid about 9.49 bps in regular hours and 92.07 bps on weekends, when depth within 25 bps fell to $10k. Taker fee is 0.90 bps with growth mode on; funding averaged +15.16% annualised over the last 30 days.
spread · rth
5.67 bps
median · p90 22.23 bps
depth ±25bps · rth
$133k
median, both sides
$25k slip · rth
9.49 bps
fills 76%
$25k slip · wknd
92.07 bps
fills 14%
taker fee
0.90 bps
fee scale 1.0 · growth mode on
funding apr · 30d
+15.16%
longs pay when positive · 7d +21.88%
vol 24h · 30d avg
$1.1M
notional
open interest
$3.5M
both sides · 2026-10-02
by sessionNew York time · medians over 44 days
session
snaps
spread
p90
top
depth ±10
depth ±25
depth ±50
$5k
$25k
$100k
$100k fills
$250k fills
US regular 9:30–16:00
1,795
5.67
22.23
$917
$29k
$133k
$164k
6.08
9.49
18.92
25%
12%
US extended 4–9:30, 16–20
2,639
5.06
22.32
$792
$18k
$55k
$77k
5.91
13.17
36.96
16%
5%
Overnight 20–4
1,821
4.88
21.25
$881
$22k
$65k
$86k
5.56
11.16
33.02
17%
3%
Weekend / holiday
3,056
6.01
20.37
$637
$4k
$10k
$15k
12.08
92.07
39.66
2%
0%
bps unless stated · RTH 9:30–16:00 · extended 4:00–9:30 and 16:00–20:00 · overnight 20:00–4:00 on weekdays · weekend runs Friday 20:00 to Monday 4:00 and includes NYSE holidays · slip = mean of the buy and sell side of a market order walking the visible 20 levels · fills = share of snapshots the size fits inside those levels · "—" = not fillable in the median snapshot
trade flowtaker side · 24 h to 2026-10-02 00:41 UTC · 30 d = last 30 complete UTC days · all markets
alert melarge orders in IREN, $50k or more→ sign infree · by email · when the data is rebuilt
taker buy · 24h
$703k
30d $15.5M
taker sell · 24h
$819k
30d $16.2M
imbalance · 24h
-7.6%
of $1.5M · 30d -2.1% of $31.8M
trades · 24h
6,693
1 large orders · 30d 115,066
takers · 24h
196
69 makers · 228 addresses
takers · 30d
1,273
1,357 addresses incl. makers
top-10 share · 30d
49%
of $31.8M by 1,273 takers · 12 make half
concentration · 30d
0.055
Herfindahl over takers · 1 = one taker
daily net taker flow
USD per UTC day · taker buy − taker sell · up = net buying, down = net selling · 108 complete days · hover a day for its value · today (2026-10-02) is still open and not drawn: +$989 so far
by session · 30 d
session
taker buy
taker sell
net
imbalance
trades
share of notional
US regular 9:30–16:00
$8.1M
$8.5M
−$382k
-2.3%
52,071
52%
US extended 4–9:30, 16–20
$4.5M
$4.7M
−$184k
-2.0%
30,877
29%
Overnight 20–4
$1.8M
$1.9M
−$36k
-1.0%
14,460
12%
Weekend / holiday
$1.1M
$1.2M
−$70k
-3.0%
17,658
7%
sessions in New York time as in the liquidity table above · share = the session's taker notional over all four, $31.8M in 30 days
hour of week · taker notional
New York time · 30 days summed per hour · brighter = more volume · log scale between the 5th and 95th percentile · 168 of 168 hours with trades · hover a cell for USD and trades
large orders: fills grouped by transaction hash, taker and side, $50k or more per order; fills without a hash are not grouped · share = the address's taker notional over all $31.8M of 30-day taker notional (115,066 trades, 1,273 takers) · addresses are public on-chain data and link to the Hyperliquid explorer; an address can be a subaccount, vault, market maker or bot and is not labelled · taker notional is volume, not a change in open interest · rebuilt nightly and at 09:05 ET, not a live tape · raw: /api/xyz/flow/IREN.json · definitions in methodology
alert meIREN funding above or below a level I set→ sign infree · by email · when the data is rebuilt
last settlement
+8.43%
+0.09627 bps/h · 10-01 21:00 ET
next · estimate
+16.84%
+0.1922 bps/h · as of 10-01 22:15 ET
apr · 24h
+36.90%
22 of 24 hours observed
apr · 7d
+21.88%
166 of 168 hours observed
apr · 30d
+15.16%
581 of 720 hours · stdev 47.73%
paid by a long · 30d
100.57 bps
of notional, over 581 observed hours
hours above neutral · 30d
61%
at 26% · below 12% · negative 10%
range · 30d
+265%
highest hour · lowest -578%
daily funding apr
mean of the observed hourly rates per UTC day, annualised · up = longs paid, down = shorts paid · dashed = neutral 5.48% · 45 complete days · hover a day · today (2026-10-02) is still open and not drawn: +14.94% over 2 h so far
hour of week · mean funding apr
New York time · whole archive · the hour a settlement covers · 168 of 168 hours with data · hover a cell for its mean and n
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Mon
Tue
Wed
Thu
Fri
Sat
Sun
shorts paylongs pay · full shade = ±65.39% APR or more · empty = no settlements
funding by session
session
apr · 30d
hours · 30d
above neutral · 30d
apr · all
hours · all
above neutral · all
US regular 9:30–16:00
+23.96%
105
84%
+22.14%
163
79%
US extended 4–9:30, 16–20
+19.53%
170
67%
+24.08%
265
72%
Overnight 20–4
+19.71%
105
70%
+26.14%
167
71%
Weekend / holiday
+4.50%
201
41%
+16.24%
312
49%
mean of the hourly rates settled in each session, annualised · 30d = the 720 hours ending at the last settlement, all = since 2026-08-18 · above neutral = share of those hours settled above 5.48% APR
largest settlements · 30 d
settled · ET
session
rate bps/h
APR
09-13 09:0009-13 13:00 UTC
weekend / holiday
-6.599
-578%
09-13 19:0009-13 23:00 UTC
weekend / holiday
-3.941
-345%
09-20 20:0009-21 00:00 UTC
weekend / holiday
+3.024
+265%
09-05 02:0009-05 06:00 UTC
weekend / holiday
-2.479
-217%
09-13 05:0009-13 09:00 UTC
weekend / holiday
-2.367
-207%
09-13 20:0009-14 00:00 UTC
weekend / holiday
-2.238
-196%
09-06 21:0009-07 01:00 UTC
weekend / holiday
+2.045
+179%
09-13 10:0009-13 14:00 UTC
weekend / holiday
-1.93
-169%
09-05 00:0009-05 04:00 UTC
weekend / holiday
-1.891
-166%
09-13 13:0009-13 17:00 UTC
weekend / holiday
+1.839
+161%
same name on parapara:IREN · neutral 6.57% APR
para apr · 7d
+17.58%
126 hours observed · xyz +21.88%
para apr · 30d
+6.25%
550 hours observed · xyz +15.16%
para last
+6.57%
+0.075 bps/h
neutral rates
6.57% vs 5.48%
para vs xyz · multipliers differ
daily apr · xyz:IREN vs para:IREN
last 30 UTC days · each day's mean of its observed hours · a missing day breaks the line · hover a day
xyz:IRENpara:IREN
positive = longs pay shorts · the neutral rate is the deployer's carry (base interest 0.01% per 8 h × funding multiplier 0.5), not crowd positioning · every mean is over observed hours; collector gaps are not filled · other deployers use other multipliers, so their APRs are not like for like · rebuilt nightly and at 09:05 ET, not live · raw: /api/xyz/funding/IREN.json · definitions in methodology
slippage curve
median bps over mid vs order size · a line ends where the size stops filling in the median snapshot
hour of week
New York time · median per cell over 44 days · brighter = better · the breathing cell is now
weekly · spread
median bps, all sessions
weekly · depth ±25 bps
median USD both sides, all sessions
cost calculator
per round trip = 2 × median slippage + 2 × taker fee · funding uses the 30-day mean hourly rate, annualised, charged for a position held all day · slippage between tested sizes is interpolated on a log scale · ignores maker rebates, impact that persists after your fill, and fee tiers
history4 market changes to xyz:IREN observed in the changelog · newest first
2026-08-18 14:46listedannounced→tradingtrading enabled, announced 2026-08-14 · OI cap $25M · 10× max · growth mode on · marginTableId 10 · szDecimals 1 · fundingMultiplier 0.5
2026-08-17 15:46growth modedisabled→enabledgrowthMode observed changing from disabled to enabled
2026-08-17 13:46OI cap—→$25.0MoiCap observed changing from unknown to $25M
2026-08-14 14:56announced—→announcedmarket announced, trading not enabled
observed = first collector snapshot showing the new value, UTC; the change happened between the previous snapshot and that one · announced = the market appeared with trading disabled; listed = trading enabled; trading halt = off and back within 48 h, before → after = mark either side · full changelog · atom feed