Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0321%/8h= +35.1% APRpaid last 24h +0.107%

Price spread now: Phoenix against OKX+0.249%96s7-day average — · you sell dearer than you buy

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

Long on OKX 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 0.249% dearer against OKX than usual: you sell high and buy low: +$25 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 96 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	OKX IREN-USDT-SWAP	47.350	0	get 0.0000% / 8h	5h 43m	$636K	$673K	25x
Short	Phoenix IREN	47.468	0.0321	get 0.0040% / 1h	43m 48s	$84	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.249%Rate

Funding earned: $67.39
Price spread: +0.249% → 0.000%: $24.92
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $75.31
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: OKX: live order book, 65 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 OKX live order book, 65 min ago	4.26 bp	41.3 bp −$41	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 exchanges

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	47.319	−0.066%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.300	−0.106%	$1.2M	$563K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.350	long leg	$636K	$673K	25x
Gate IREN_USDT	0.0000%	8h	47.320	−0.063%	$815K	$1.4M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.301	−0.103%	$2.1M	$649K	20x	as long as short
SunX IREN-USDT	0.0000%	8h	47.320	−0.063%	$1K	$311K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.340	−0.021%	$9K	$874	20x	as long as short
Vest IREN-USD-PERP	+0.0005%	1h	47.260	−0.190%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.344	−0.013%	$71K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.270	−0.169%	$4K	$4K	5x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IREN	+0.0040%	8h	47.358	+0.017%	$185K	$101K	—	as long as short
QFEX IREN-USD	+0.0049%	1h	47.330	−0.042%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.267	−0.174%	$608K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.350	0.000%	$748K	$419K	20x	as long as short
Binance IRENUSDT	+0.0164%	8h	47.329	−0.044%	$3.5M	$6.5M	25x	as long as short
tradeXYZ xyz:IREN	+0.0282%	1h	47.329	−0.044%	$3.2M	$2.1M	10x	as long as short
Phoenix IRENshort	+0.0321%	1h	47.468	+0.249%	$84	$31K	10x
GRVT IREN_USDT_Perp	+0.0520%	8h	47.420	+0.148%	$4K	$234K	10x	as long as short