Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0308%/8h= −33.7% APRpaid last 24h −0.105%

Price spread now: Variational Omni against Phoenix+0.100%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.100% dearer against Phoenix than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	46.864	0.0308	pay 0.0038% / 1h	39m 01s	$83	$31K	10x
Short	Variational Omni IREN	46.911	0	get 0.0000% / 8h	39m 01s	$191K	$92K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.100%Rate

Funding earned: −$64.61
Price spread: +0.100% → 0.000%: $10
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$61.61
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 65 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 Variational Omni RFQ quote, 65 min ago	6.98 bp	doesn't fit	55.1 bp −$551	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	−0.0247%	8h	46.832	−0.068%	$2.1M	$532K	20x	as long as short
Vest IREN-USD-PERP	−0.0001%	1h	46.770	−0.201%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.905	+0.087%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.870	+0.013%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.850	−0.030%	$1.2M	$552K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.910	+0.098%	$626K	$690K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.900	+0.077%	$754K	$1.2M	25x	as long as short
Variational Omni IRENshort	0.0000%	8h	46.911	+0.100%	$191K	$92K	—
GRVT IREN_USDT_Perp	0.0000%	8h	46.900	+0.077%	$5K	$219K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.890	+0.055%	$1K	$337K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.860	−0.009%	$9K	$880	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.815	−0.105%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.860	−0.009%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0048%	1h	46.895	+0.066%	$70K	$97K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.834	−0.063%	$602K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.860	−0.009%	$737K	$264K	20x	as long as short
tradeXYZ xyz:IREN	+0.0136%	1h	46.836	−0.060%	$3.1M	$2.0M	10x	as long as short
Phoenix IRENlong	+0.0308%	1h	46.864	long leg	$83	$31K	10x