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: Gate against Phoenix−0.055%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 Gate

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 against this trade now: funding costs −$12 a day on $10k at the current rate, and Gate is 0.055% cheaper against Phoenix than usual: you would sell low and buy high (−$5 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	47.476	0.0388	pay 0.0049% / 1h	49m 05s	$85	$38K	10x
Short	Gate IREN_USDT	47.450	0	get 0.0000% / 8h	49m 05s	$737K	$1.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice 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 Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$108.97
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 3 min ago. 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 Gate live order book, 3 min ago	5.27 bp	29.4 bp −$29	74.2 bp −$742	119.8 bp −$12.0K	doesn't fit

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	47.350	−0.265%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.434	−0.089%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.450	−0.055%	$3.5M	$6.6M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.420	−0.118%	$1.2M	$497K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	−0.055%	$662K	$682K	25x	as long as short
Gate IREN_USDTshort	0.0000%	8h	47.450	−0.055%	$737K	$1.5M	25x
Bitget IRENUSDT	0.0000%	8h	47.415	−0.128%	$2.0M	$524K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.454	−0.046%	$207K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	−0.055%	$1K	$388K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.420	−0.118%	$9K	$706	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	−0.053%	$4K	$191K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.420	−0.118%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.405	−0.150%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.408	−0.144%	$637K	$147K	10x	as long as short
Lighter RH IREN	+0.0072%	1h	47.470	−0.013%	$68K	$111K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.450	−0.055%	$746K	$153K	20x	as long as short
tradeXYZ xyz:IREN	+0.0350%	1h	47.437	−0.082%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENlong	+0.0388%	1h	47.476	long leg	$85	$38K	10x