Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0321%/8h= +35.1% APRpaid last 24h +0.072%

Price spread now: Phoenix against KuCoin+0.086%78s7-day average — · you sell dearer than you buy

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

Long on KuCoin 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 +$10 a day on $10k at the current rate, and Phoenix is 0.086% dearer against KuCoin than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 78 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	KuCoin IRENUSDTM	47.560	0.0100	pay 0.0100% / 8h	4h 34m	$748K	$218K	20x
Short	Phoenix IREN	47.601	0.0421	get 0.0053% / 1h	34m 06s	$87	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.086%Rate

Funding earned: $67.35
Price spread: +0.086% → 0.000%: $8.62
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $56.97
Costs to cover: 0.190%
Break-even: 1.1 days

Slippage unknown: KuCoin: live order book, 50 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 KuCoin live order book, 50 min ago	9.48 bp	67.5 bp −$67	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	47.588	+0.058%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.578	+0.037%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.550	−0.021%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.480	−0.168%	$645K	$619K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.560	0.000%	$724K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.517	−0.090%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.547	−0.028%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.560	0.000%	$4K	$190K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.560	0.000%	$636	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.530	−0.063%	$9K	$799	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	+0.0014%	1h	47.510	−0.105%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.595	+0.074%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.560	0.000%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.550	−0.021%	$1.2M	$1.6M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.550	−0.021%	$611K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0094%	1h	47.578	+0.038%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTMlong	+0.0100%	8h	47.560	long leg	$748K	$218K	20x
Phoenix IRENshort	+0.0421%	1h	47.601	+0.086%	$87	$31K	10x