Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h −0.095%

Price spread now: HTX against Phoenix−0.141%72s7-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 HTX

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 HTX is 0.141% cheaper against Phoenix than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 72 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	Phoenix IREN	47.477	0.0388	pay 0.0049% / 1h	44m 10s	$85	$38K	10x
Short	HTX IREN-USDT	47.410	0	get 0.0000% / 8h	44m 10s	$9K	$709	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$81.49
Price spread: −0.141% → 0.000%: −$14.11
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$114.6
Costs to cover: 0.190%
Break-even: never at this rate

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

Phoenix and HTX: 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	47.360	−0.246%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.433	−0.093%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.460	−0.036%	$3.5M	$6.6M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.430	−0.099%	$1.2M	$497K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	−0.057%	$662K	$682K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.450	−0.057%	$737K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.411	−0.139%	$2.0M	$524K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.454	−0.048%	$207K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	−0.057%	$1K	$388K	10x	as long as short
HTX IREN-USDTshort	0.0000%	8h	47.410	−0.141%	$9K	$709	20x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0007%	8h	47.452	−0.052%	$4K	$191K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.450	−0.057%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.400	−0.163%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.410	−0.142%	$637K	$147K	10x	as long as short
Lighter RH IREN	+0.0072%	1h	47.474	−0.006%	$68K	$111K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.460	−0.036%	$746K	$155K	20x	as long as short
tradeXYZ xyz:IREN	+0.0352%	1h	47.437	−0.084%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENlong	+0.0388%	1h	47.477	long leg	$85	$38K	10x