Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h +0.041%

Price spread now: Phoenix against Gate+0.017%7-day average — · you sell dearer than you buy

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

Long on Gate 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IREN_USDT	47.270	0	get 0.0000% / 8h	3h 17m	$717K	$1.2M	25x
Short	Phoenix IREN	47.278	0.0286	get 0.0036% / 1h	17m 17s	$84	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.017%Rate

Funding earned: $60.01
Price spread: +0.017% → 0.000%: $1.69
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $39.71
Costs to cover: 0.220%
Break-even: 2.4 days

Slippage unknown: Gate: live order book, 5 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 Gate live order book, 5 min ago	5.29 bp	16.7 bp −$17	48.1 bp −$481	75.3 bp −$7,528	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	47.244	−0.055%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.284	+0.031%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.260	−0.021%	$1.2M	$540K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.250	−0.042%	$650K	$650K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	47.270	long leg	$717K	$1.2M	25x
Bitget IRENUSDT	0.0000%	8h	47.242	−0.059%	$2.1M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.292	+0.046%	$211K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.281	+0.022%	$4K	$203K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.280	+0.021%	$1K	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.180	−0.190%	$9K	$825	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0011%	1h	47.260	−0.021%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERP	+0.0012%	1h	47.160	−0.233%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.200	−0.148%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0064%	1h	47.287	+0.036%	$69K	$97K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.240	−0.063%	$742K	$229K	20x	as long as short
Paragon para:IREN	+0.0101%	1h	47.208	−0.131%	$607K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0150%	1h	47.234	−0.076%	$3.2M	$2.0M	10x	as long as short
Phoenix IRENshort	+0.0286%	1h	47.278	+0.017%	$84	$31K	10x