Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0421%/8h= +46.1% APRpaid last 24h +0.102%

Price spread now: Phoenix against Bitget+0.158%49s7-day average — · you sell dearer than you buy

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

Long on Bitget 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

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.158% dearer against Bitget than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IRENUSDT	47.459	0	get 0.0000% / 8h	4h 46m	$2.0M	$416K	20x
Short	Phoenix IREN	47.534	0.0421	get 0.0053% / 1h	46m 38s	$92	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.158%Rate

Funding earned: $88.35
Price spread: +0.158% → 0.000%: $15.8
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $85.15
Costs to cover: 0.190%
Break-even: 0.3 days

Slippage unknown: Bitget: live order book, just now; 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 Bitget live order book, just now	2.11 bp	32.3 bp −$32	77.8 bp −$778	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
Aster IRENUSDT	0.0000%	8h	47.516	+0.120%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.487	+0.058%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.460	+0.002%	$1.2M	$542K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	+0.044%	$645K	$622K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.480	+0.044%	$723K	$1.2M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.459	long leg	$2.0M	$416K	20x
Variational Omni IREN	0.0000%	8h	47.482	+0.048%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.500	+0.086%	$4K	$187K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.500	+0.086%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.440	−0.040%	$9K	$793	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0012%	1h	47.450	−0.019%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.516	+0.120%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.470	+0.023%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.500	+0.086%	$1.2M	$1.7M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.458	−0.001%	$610K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0092%	1h	47.490	+0.065%	$3.2M	$1.9M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.480	+0.044%	$746K	$213K	20x	as long as short
Phoenix IRENshort	+0.0421%	1h	47.534	+0.158%	$92	$31K	10x