Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h −0.047%

Price spread now: Bitget against Phoenix−0.040%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Bitget

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 against this trade now: funding costs −$12 a day on $10k at the current rate, and Bitget is 0.040% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	47.443	0.0388	pay 0.0049% / 1h	41m 10s	$91	$38K	10x
Short	Bitget IRENUSDT	47.424	0	get 0.0000% / 8h	41m 10s	$2.0M	$503K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$81.49
Price spread: −0.040% → 0.000%: −$4
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$104.49
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bitget: live order book, 1 min ago. 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 Bitget live order book, 1 min ago	3.48 bp	28.1 bp −$28	45.8 bp −$458	doesn't fit	doesn't fit

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
Vest IREN-USD-PERP	−0.0002%	1h	47.370	−0.154%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.446	+0.006%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.460	+0.036%	$3.5M	$6.6M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.440	−0.006%	$1.2M	$491K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	+0.015%	$662K	$669K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.440	−0.006%	$736K	$1.5M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.424	−0.040%	$2.0M	$503K	20x
Variational Omni IREN	0.0000%	8h	47.454	+0.023%	$207K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	+0.015%	$1K	$388K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.410	−0.070%	$9K	$708	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0026%	8h	47.460	+0.036%	$4K	$191K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.450	+0.015%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.418	−0.052%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.423	−0.041%	$637K	$147K	10x	as long as short
Lighter RH IREN	+0.0072%	1h	47.488	+0.095%	$68K	$111K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.460	+0.036%	$746K	$156K	20x	as long as short
tradeXYZ xyz:IREN	+0.0344%	1h	47.440	−0.006%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENlong	+0.0388%	1h	47.443	long leg	$91	$38K	10x