IRYS was the biggest mover of any market we scan in the week of 20 to 27 October: crypto, gold, silver, oil, forex, stocks and index funds, all on Bybit. Here is what the week looked like on its Bybit perpetual, IRYSUSDT, in UTC.
The run
The week's low came in the first four hours, 0.0125 on Tuesday 20 October. The top 4-hour close came on Friday 23 October: 0.112 at 20:00. That is up 793%, almost nine times, in four days. By the last close before Tuesday 27 October it stood at 0.0283: 75% below Friday's close. It still ended the week up 124%, but only 16% of the run was kept.
The spike
Inside that Friday candle, IRYS touched 0.535, 43 times the week's low. We checked it minute by minute. From 19:13 to 19:44 UTC it traded above 0.22, twice the 4-hour close, on 30 one-minute candles, and closed above it on 22. 82 million USDT changed hands in those minutes, a quarter of the whole 4-hour candle. So it was a real half hour of trading, not a single stray print. Bybit lists no IRYS spot market to compare it with.
Who paid
Trading: in the 30 days before, the perp traded a typical 232,000 USDT a day. On Friday 23 October it traded 605 million, about 2,600 times that. The week in all: 1.05 billion, against 15.4 million in the whole month before.
Open positions: 0.6 million USDT at the start of the week, 54.4 million at Friday 16:00, 7.0 million at the end.
Funding: 0.005% every 4 hours on the way up, the ordinary rate, on every settlement but two (a hair lower on Wednesday night). At 20:00 on Friday, right after the spike, longs paid shorts 2.5% in one settlement, and settlements switched to every hour. From Sunday morning the rate turned negative, shorts paying longs, as low as -0.37% in a single hour on Monday night.
Alone?
Almost. Of the 150 crypto perpetuals most traded on Bybit the week before, one other doubled over the week: ARIA, up 111%. 107 of the 150 fell, the typical one by 4.7%. Bitcoin fell 2.2% and Ether 3.5%. IRYS itself was not in the 150; by the week before's trading it ranked around 410th.
Its own past
Bybit listed IRYS on 27 November 2025, and its first daily close was 0.0403. Its highest daily close before this week was 0.0604, on 15 May 2026. Friday's top close went 85% past that. Monday's last close sat 53% below it, and 30% below the first close.
How to check a move like this yourself
Look past the top wick. Find the highest candle close, then ask how much of the run is still held. Check the 1-minute candles under a spike: one print or a half hour of trading? And look at funding and open positions on the way up and the way down: they show who was paying to hold, without saying why.
What this does not tell you
Why IRYS moved, or what it does next. We read no news and claim no cause. One week, one coin, one exchange. Past data.
Observations, not recommendations.
