Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h +0.106%

Price spread now: Phoenix against OKX−0.055%116s7-day average — · you buy dearer than you sell

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

Long on OKX 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 0.055% cheaper against OKX than usual: you would sell low and buy high (spread −0.055% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 14 hours of funding at the current rate (+$9 a day). The two prices were read 116 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	OKX IREN-USDT-SWAP	47.000	0	get 0.0000% / 8h	6h 17m	$628K	$660K	25x
Short	Phoenix IREN	46.974	0.0307	get 0.0038% / 1h	17m 39s	$85	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.055%Rate

Funding earned: $64.38
Price spread: −0.055% → 0.000%: −$5.53
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $41.85
Costs to cover: 0.170%
Break-even: 2.4 days

Slippage unknown: OKX: live order book, 31 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 OKX live order book, 31 min ago	4.26 bp	41.3 bp −$41	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 exchanges

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	−0.0006%	1h	46.890	−0.234%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.947	−0.112%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.990	−0.021%	$1.2M	$564K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.000	long leg	$628K	$660K	25x
Gate IREN_USDT	0.0000%	8h	46.980	−0.043%	$811K	$1.4M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	46.965	−0.074%	$2.1M	$646K	20x	as long as short
Variational Omni IREN	0.0000%	8h	46.980	−0.042%	$183K	$101K	—	as long as short
SunX IREN-USDT	0.0000%	8h	46.960	−0.085%	$920	$317K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.950	−0.106%	$9K	$872	20x	as long as short
Lighter RH IREN	+0.0040%	1h	47.025	+0.053%	$70K	$97K	10x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	46.945	−0.116%	$4K	$4K	5x	as long as short
QFEX IREN-USD	+0.0051%	1h	46.960	−0.085%	$1.2M	$1.5M	10x	as long as short
Binance IRENUSDT	+0.0059%	8h	46.990	−0.021%	$3.5M	$6.4M	25x	as long as short
Paragon para:IREN	+0.0060%	1h	46.950	−0.106%	$604K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.970	−0.064%	$742K	$386K	20x	as long as short
tradeXYZ xyz:IREN	+0.0249%	1h	46.981	−0.040%	$3.1M	$2.0M	10x	as long as short
GRVT IREN_USDT_Perp	+0.0255%	8h	46.993	−0.014%	$4K	$231K	10x	as long as short
Phoenix IRENshort	+0.0307%	1h	46.974	−0.055%	$85	$31K	10x