Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0388%/8h= +42.5% APRpaid last 24h −0.054%

Price spread now: Phoenix against Gate+0.055%77s7-day average — · you sell dearer than you buy

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

Long on Gate 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 +$12 a day on $10k at the current rate, and Phoenix is 0.055% dearer against Gate than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 77 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	Gate IREN_USDT	47.450	0	get 0.0000% / 8h	48m 14s	$737K	$1.5M	25x
Short	Phoenix IREN	47.476	0.0388	get 0.0049% / 1h	48m 14s	$85	$38K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.055%Rate

Funding earned: $81.49
Price spread: +0.055% → 0.000%: $5.48
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $64.97
Costs to cover: 0.220%
Break-even: 1.4 days

Slippage unknown: Gate: live order book, 4 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 Gate live order book, 4 min ago	5.27 bp	21.6 bp −$22	51.5 bp −$515	76.8 bp −$7,679	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
Vest IREN-USD-PERP	−0.0001%	1h	47.340	−0.232%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.431	−0.041%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.450	0.000%	$3.5M	$6.6M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.430	−0.042%	$1.2M	$497K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	0.000%	$662K	$682K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	47.450	long leg	$737K	$1.5M	25x
Bitget IRENUSDT	0.0000%	8h	47.415	−0.074%	$2.0M	$524K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.454	+0.009%	$207K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	0.000%	$1K	$388K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.360	−0.190%	$9K	$709	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0006%	8h	47.451	+0.001%	$4K	$191K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.440	−0.021%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.397	−0.113%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.403	−0.099%	$637K	$147K	10x	as long as short
Lighter RH IREN	+0.0064%	1h	47.475	+0.053%	$68K	$111K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.450	0.000%	$746K	$154K	20x	as long as short
tradeXYZ xyz:IREN	+0.0350%	1h	47.437	−0.027%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENshort	+0.0388%	1h	47.476	+0.055%	$85	$38K	10x