Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0353%/8h= −38.6% APRpaid last 24h −0.100%

Price spread now: Aster against Phoenix+0.166%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Aster

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

The price spread pays, funding is against you. Aster is 0.166% dearer against Phoenix than usual: you sell high and buy low (spread +0.166% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	47.439	0.0353	pay 0.0044% / 1h	17m 18s	$86	$31K	10x
Short	Aster IRENUSDT	47.518	0	get 0.0000% / 8h	6h 17m	$29K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.166%Rate

Funding earned: −$74.08
Price spread: +0.166% → 0.000%: $16.59
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$72.5
Costs to cover: 0.150%
Break-even: from the start

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

Phoenix and Aster: 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 IRENUSDTshort	0.0000%	8h	47.518	+0.166%	$29K	$4K	20x
Bybit IRENUSDT	0.0000%	8h	47.410	−0.061%	$1.2M	$524K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	−0.103%	$646K	$634K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.410	−0.061%	$724K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.393	−0.097%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.371	−0.143%	$209K	$84K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.381	−0.122%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.400	−0.082%	$916	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.330	−0.230%	$9K	$761	20x	as long as short
Binance IRENUSDT	+0.0001%	8h	47.420	−0.040%	$3.4M	$6.2M	25x	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	+0.0004%	1h	47.340	−0.209%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.410	−0.061%	$1.2M	$1.8M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.431	−0.017%	$69K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.380	−0.124%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.410	−0.061%	$745K	$185K	20x	as long as short
tradeXYZ xyz:IREN	+0.0243%	1h	47.413	−0.055%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0294%	1h	47.400	−0.082%	$599K	$172K	10x	as long as short
Phoenix IRENlong	+0.0353%	1h	47.439	long leg	$86	$31K	10x