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 +0.104%

Price spread now: Phoenix against Binance−0.060%85s7-day average — · you buy dearer than you sell

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

Long on Binance 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

Funding pays, the price is against you. Phoenix is 0.060% cheaper against Binance than usual: you would sell low and buy high (spread −0.060% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 16 hours of funding at the current rate (+$9 a day). The two prices were read 85 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	Binance IRENUSDT	46.780	0	get 0.0000% / 8h	1m 59s	$3.5M	$6.2M	25x
Short	Phoenix IREN	46.752	0.0308	get 0.0038% / 1h	1m 59s	$85	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.060%Rate

Funding earned: $64.61
Price spread: −0.060% → 0.000%: −$5.99
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $41.62
Costs to cover: 0.170%
Break-even: 2.5 days

Slippage unknown: Binance: live order book, 6 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 Binance live order book, 6 min ago	1.07 bp	11.7 bp −$12	46.6 bp −$466	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
Bitget IRENUSDT	−0.0181%	8h	46.729	−0.109%	$2.1M	$546K	20x	as long as short
Vest IREN-USD-PERP	−0.0005%	1h	46.650	−0.278%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.832	+0.112%	$24K	$9K	20x	as long as short
Binance IRENUSDTlong	0.0000%	8h	46.780	long leg	$3.5M	$6.2M	25x
Bybit IRENUSDT	0.0000%	8h	46.740	−0.086%	$1.2M	$553K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	−0.021%	$625K	$655K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.770	−0.021%	$819K	$1.3M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.764	−0.035%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.766	−0.030%	$4K	$222K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.780	0.000%	$944	$331K	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	46.740	−0.086%	$9K	$876	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.705	−0.160%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.750	−0.064%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.731	−0.104%	$601K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.780	0.000%	$736K	$280K	20x	as long as short
Lighter RH IREN	+0.0216%	1h	46.810	+0.064%	$70K	$98K	10x	as long as short
tradeXYZ xyz:IREN	+0.0234%	1h	46.747	−0.071%	$3.1M	$2.0M	10x	as long as short
Phoenix IRENshort	+0.0308%	1h	46.752	−0.060%	$85	$31K	10x