Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0320%/8h= +35.1% APRpaid last 24h 0.000%

Price spread now: Phoenix against Binance−0.023%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.023% cheaper against Binance than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IRENUSDT	47.410	0	get 0.0000% / 8h	2h 08m	$3.4M	$6.7M	25x
Short	Phoenix IREN	47.399	0.0320	get 0.0040% / 1h	8m 58s	$83	$38K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.023%Rate

Funding earned: $67.25
Price spread: −0.023% → 0.000%: −$2.32
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $47.93
Costs to cover: 0.170%
Break-even: 2.0 days

Slippage unknown: Binance: live order book, 15 min ago; Phoenix: no order-book sample. 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 Binance live order book, 15 min ago	3.16 bp	19.3 bp −$19	56.7 bp −$567	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
Paragon para:IREN	−0.0042%	1h	47.350	−0.126%	$622K	$126K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.441	+0.065%	$29K	$4K	20x	as long as short
Binance IRENUSDTlong	0.0000%	8h	47.410	long leg	$3.4M	$6.7M	25x
Bybit IRENUSDT	0.0000%	8h	47.380	−0.063%	$1.2M	$503K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.400	−0.021%	$662K	$692K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.390	−0.042%	$742K	$1.6M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.360	−0.105%	$2.0M	$538K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.419	+0.020%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.410	+0.001%	$4K	$204K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.410	0.000%	$494	$390K	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	47.380	−0.063%	$9K	$680	20x	as long as short
Vest IREN-USD-PERP	+0.0002%	1h	47.300	−0.232%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0018%	1h	47.380	−0.063%	$1.2M	$2.1M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.435	+0.053%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.347	−0.133%	$4K	$8K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.390	−0.042%	$751K	$144K	20x	as long as short
Phoenix IRENshort	+0.0320%	1h	47.399	−0.023%	$83	$38K	10x
tradeXYZ xyz:IREN	+0.0336%	1h	47.400	−0.021%	$3.2M	$1.9M	10x	as long as short