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 HTX+0.021%7-day average — · you sell dearer than you buy

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

Long on HTX 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 +$10 a day on $10k at the current rate, and Phoenix is 0.021% dearer against HTX than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX IREN-USDT	46.830	0	get 0.0000% / 8h	2h 13m	$9K	$846	20x
Short	Phoenix IREN	46.840	0.0340	get 0.0043% / 1h	13m 03s	$84	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.021%Rate

Funding earned: $71.46
Price spread: +0.021% → 0.000%: $2.14
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $54.59
Costs to cover: 0.190%
Break-even: 1.7 days

Slippage unknown: HTX: no order-book sample; 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 HTX no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

HTX and 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	−0.0402%	8h	46.901	+0.152%	$2.1M	$520K	20x	as long as short
Vest IREN-USD-PERP	−0.0008%	1h	46.810	−0.043%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.923	+0.199%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.930	+0.214%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.940	+0.235%	$1.2M	$551K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.910	+0.171%	$625K	$690K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.930	+0.214%	$719K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.842	+0.026%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.858	+0.060%	$5K	$210K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.900	+0.149%	$993	$346K	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-USDTlong	0.0000%	8h	46.830	long leg	$9K	$846	20x
Extended IREN_24_5-USD	+0.0040%	1h	46.905	+0.160%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.910	+0.171%	$1.2M	$1.6M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.816	−0.030%	$602K	$182K	10x	as long as short
Lighter RH IREN	+0.0072%	1h	46.971	+0.301%	$70K	$98K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.890	+0.128%	$737K	$250K	20x	as long as short
tradeXYZ xyz:IREN	+0.0211%	1h	46.905	+0.160%	$3.1M	$2.0M	10x	as long as short
Phoenix IRENshort	+0.0340%	1h	46.840	+0.021%	$84	$31K	10x