Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0340%/8h= −37.3% APRpaid last 24h −0.102%

Price spread now: GRVT against Phoenix−0.013%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 GRVT

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	47.041	0.0340	pay 0.0043% / 1h	51m 56s	$87	$31K	10x
Short	GRVT IREN_USDT_Perp	47.035	0	get 0.0000% / 8h	2h 51m	$5K	$205K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$71.46
Price spread: −0.013% → 0.000%: −$1.28
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$88.73
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; GRVT: live order book, 56 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 GRVT live order book, 56 min ago	3.16 bp	40.0 bp −$40	76.7 bp −$767	doesn't fit	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
Bitget IRENUSDT	−0.0054%	8h	47.081	+0.085%	$2.1M	$501K	20x	as long as short
Aster IRENUSDT	0.0000%	8h	47.073	+0.068%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.120	+0.168%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.110	+0.147%	$1.2M	$545K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	+0.083%	$648K	$653K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.120	+0.168%	$722K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	47.102	+0.129%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perpshort	0.0000%	8h	47.035	−0.013%	$5K	$205K	10x
SunX IREN-USDT	0.0000%	8h	47.060	+0.040%	$998	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.050	+0.019%	$9K	$834	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	+0.0003%	1h	46.970	−0.151%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.075	+0.072%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	47.090	+0.104%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0056%	1h	47.140	+0.210%	$70K	$95K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.016	−0.053%	$605K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.070	+0.062%	$739K	$236K	20x	as long as short
Phoenix IRENlong	+0.0340%	1h	47.041	long leg	$87	$31K	10x
tradeXYZ xyz:IREN	+0.0354%	1h	47.088	+0.100%	$3.2M	$2.0M	10x	as long as short