Funding arb · Price arb /

IREN

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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: Phoenix against SunX+0.070%7-day average — · you sell dearer than you buy

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

Long on SunX Short on Phoenix

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 for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.070% dearer against SunX than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.480	0	get 0.0000% / 8h	4h 42m	$922	$358K	10x
Short	Phoenix IREN	47.513	0.0421	get 0.0053% / 1h	42m 45s	$83	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.070%Rate

Funding earned: $88.35
Price spread: +0.070% → 0.000%: $6.95
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $80.3
Costs to cover: 0.150%
Break-even: 0.6 days

Slippage unknown: SunX: live order book, 48 min ago; Phoenix: 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 SunX live order book, 48 min ago	48.42 bp	68.0 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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
Aster IRENUSDT	0.0000%	8h	47.548	+0.144%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.540	+0.126%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.510	+0.063%	$1.2M	$540K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	0.000%	$645K	$621K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.520	+0.084%	$723K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.507	+0.057%	$2.0M	$416K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.487	+0.014%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.500	+0.042%	$5K	$188K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.480	long leg	$922	$358K	10x
HTX IREN-USDT	0.0000%	8h	47.530	+0.105%	$9K	$794	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	47.470	−0.021%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.559	+0.166%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.515	+0.074%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.520	+0.084%	$1.2M	$1.7M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.517	+0.079%	$611K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.530	+0.105%	$747K	$215K	20x	as long as short
tradeXYZ xyz:IREN	+0.0102%	1h	47.551	+0.150%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENshort	+0.0421%	1h	47.513	+0.070%	$83	$31K	10x