Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0340%/8h= +37.3% APRpaid last 24h +0.104%

Price spread now: Phoenix against Bybit−0.040%46s7-day average — · you buy dearer than you sell

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

Long on Bybit 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 0.040% cheaper against Bybit than usual: you would sell low and buy high (spread −0.040% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$10 a day). The two prices were read 46 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	Bybit IRENUSDT	47.060	0	get 0.0000% / 8h	2h 50m	$1.2M	$545K	25x
Short	Phoenix IREN	47.041	0.0340	get 0.0043% / 1h	50m 46s	$87	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.040%Rate

Funding earned: $71.46
Price spread: −0.040% → 0.000%: −$4.04
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $49.42
Costs to cover: 0.180%
Break-even: 2.2 days

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	1.06 bp	27.5 bp −$28	117.6 bp −$1,176	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
Bitget IRENUSDT	−0.0056%	8h	47.058	−0.004%	$2.1M	$501K	20x	as long as short
Aster IRENUSDT	0.0000%	8h	47.029	−0.065%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.069	+0.020%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.060	long leg	$1.2M	$545K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	+0.042%	$648K	$653K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.130	+0.149%	$722K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	47.092	+0.067%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.075	+0.032%	$4K	$206K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.060	0.000%	$998	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.050	−0.021%	$9K	$833	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	+0.0003%	1h	46.990	−0.149%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0040%	1h	47.098	+0.081%	$70K	$95K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.045	−0.032%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	47.110	+0.106%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.020	−0.085%	$605K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.080	+0.042%	$739K	$237K	20x	as long as short
tradeXYZ xyz:IREN	+0.0333%	1h	47.058	−0.004%	$3.1M	$2.0M	10x	as long as short
Phoenix IRENshort	+0.0340%	1h	47.041	−0.040%	$87	$31K	10x