Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0342%/8h= +37.5% APRpaid last 24h +0.104%

Price spread now: Phoenix against GRVT−0.030%7-day average — · you buy dearer than you sell

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

Long on GRVT 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—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. Phoenix is 0.030% cheaper against GRVT than usual: you would sell low and buy high (spread −0.030% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 7 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	GRVT IREN_USDT_Perp	46.490	0	get 0.0000% / 8h	7h 38m	$5K	$224K	10x
Short	Phoenix IREN	46.476	0.0342	get 0.0043% / 1h	38m 37s	$85	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against GRVT. 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 GRVTbpFee PhoenixbpOrdersPrice spread, now −0.030%Rate

Funding earned: $71.87
Price spread: −0.030% → 0.000%: −$3.01
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $52.86
Costs to cover: 0.160%
Break-even: 1.9 days

Slippage unknown: GRVT: live order book, 54 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 GRVT live order book, 54 min ago	5.33 bp	87.1 bp −$87	doesn't fit	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	−0.0168%	1h	46.351	−0.299%	$596K	$177K	10x	as long as short
Bitget IRENUSDT	−0.0134%	8h	46.372	−0.254%	$2.1M	$567K	20x	as long as short
Vest IREN-USD-PERP	−0.0013%	1h	46.300	−0.409%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.447	−0.093%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.395	−0.205%	$3.5M	$6.3M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.360	−0.280%	$1.2M	$568K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.380	−0.237%	$620K	$649K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.380	−0.237%	$813K	$1.3M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.487	−0.006%	$181K	$101K	—	as long as short
GRVT IREN_USDT_Perplong	0.0000%	8h	46.490	long leg	$5K	$224K	10x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IREN-USDT	0.0000%	8h	46.420	−0.151%	$1K	$327K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.400	−0.194%	$9K	$875	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.340	−0.323%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0068%	1h	46.390	−0.215%	$1.2M	$1.4M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.410	−0.172%	$733K	$303K	20x	as long as short
Lighter RH IREN	+0.0128%	1h	46.422	−0.146%	$69K	$98K	10x	as long as short
tradeXYZ xyz:IREN	+0.0199%	1h	46.374	−0.250%	$3.1M	$2.0M	10x	as long as short
Phoenix IRENshort	+0.0342%	1h	46.476	−0.030%	$85	$31K	10x