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 +0.104%

Price spread now: Phoenix against Aster+0.218%45s7-day average — · you sell dearer than you buy

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

Long on Aster 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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Phoenix is 0.218% dearer against Aster than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 45 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	Aster IRENUSDT	46.958	0	get 0.0000% / 8h	2h 46m	$29K	$4K	20x
Short	Phoenix IREN	47.060	0.0340	get 0.0043% / 1h	46m 40s	$82	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.218%Rate

Funding earned: $71.46
Price spread: +0.218% → 0.000%: $21.76
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $78.22
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Aster: no order-book sample; 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 Aster no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Aster and 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	−0.0084%	8h	47.058	+0.213%	$2.1M	$500K	20x	as long as short
Aster IRENUSDTlong	0.0000%	8h	46.958	long leg	$29K	$4K	20x
Binance IRENUSDT	0.0000%	8h	47.007	+0.106%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.980	+0.047%	$1.2M	$545K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	+0.260%	$648K	$652K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.030	+0.154%	$722K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	47.092	+0.285%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.097	+0.296%	$4K	$206K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.020	+0.132%	$857	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.010	+0.111%	$9K	$835	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	+0.0002%	1h	46.900	−0.123%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.945	−0.027%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	47.000	+0.090%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0048%	1h	47.028	+0.149%	$70K	$95K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.972	+0.030%	$604K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.000	+0.090%	$739K	$238K	20x	as long as short
tradeXYZ xyz:IREN	+0.0319%	1h	46.985	+0.058%	$3.1M	$2.0M	10x	as long as short
Phoenix IRENshort	+0.0340%	1h	47.060	+0.218%	$82	$31K	10x