Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0421%/8h= −46.1% APRpaid last 24h −0.102%

Price spread now: Aster against Phoenix−0.037%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Aster

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 airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Aster is 0.037% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	47.534	0.0421	pay 0.0053% / 1h	46m 56s	$92	$31K	10x
Short	Aster IRENUSDT	47.517	0	get 0.0000% / 8h	4h 46m	$29K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$88.35
Price spread: −0.037% → 0.000%: −$3.66
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$107
Costs to cover: 0.150%
Break-even: never at this rate

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

Phoenix and Aster: 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
Aster IRENUSDTshort	0.0000%	8h	47.517	−0.037%	$29K	$4K	20x
Binance IRENUSDT	0.0000%	8h	47.479	−0.115%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.460	−0.156%	$1.2M	$542K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	−0.114%	$645K	$622K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.490	−0.093%	$723K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.459	−0.158%	$2.0M	$416K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.482	−0.110%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.500	−0.072%	$4K	$187K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.500	−0.072%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.440	−0.198%	$9K	$793	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	+0.0012%	1h	47.450	−0.177%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.527	−0.015%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.480	−0.114%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.500	−0.072%	$1.2M	$1.7M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.500	−0.072%	$611K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0092%	1h	47.512	−0.046%	$3.2M	$1.9M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.490	−0.093%	$746K	$213K	20x	as long as short
Phoenix IRENlong	+0.0421%	1h	47.534	long leg	$92	$31K	10x