Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0286%/8h= −31.3% APRpaid last 24h −0.104%

Price spread now: OKX against Phoenix−0.062%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 OKX

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 −$9 a day on $10k at the current rate, and OKX is 0.062% cheaper against Phoenix than usual: you would sell low and buy high (−$6 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	47.109	0.0286	pay 0.0036% / 1h	5m 03s	$84	$31K	10x
Short	OKX IREN-USDT-SWAP	47.080	0	get 0.0000% / 8h	3h 05m	$647K	$649K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$60.01
Price spread: −0.062% → 0.000%: −$6.16
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$83.17
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; OKX: live order book, 46 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 OKX live order book, 46 min ago	5.27 bp	28.3 bp −$28	doesn't fit	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
Aster IRENUSDT	0.0000%	8h	47.118	+0.019%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.082	−0.057%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.070	−0.083%	$1.2M	$544K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.080	−0.062%	$647K	$649K	25x
Gate IREN_USDT	0.0000%	8h	47.100	−0.019%	$723K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.044	−0.138%	$2.1M	$499K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.087	−0.047%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.132	+0.049%	$4K	$204K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.130	+0.045%	$978	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.070	−0.083%	$9K	$830	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	+0.0008%	1h	46.980	−0.274%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0011%	1h	47.080	−0.062%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.030	−0.168%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0064%	1h	47.127	+0.038%	$69K	$97K	10x	as long as short
Paragon para:IREN	+0.0071%	1h	47.061	−0.101%	$605K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.080	−0.062%	$740K	$232K	20x	as long as short
tradeXYZ xyz:IREN	+0.0172%	1h	47.075	−0.072%	$3.2M	$2.0M	10x	as long as short
Phoenix IRENlong	+0.0286%	1h	47.109	long leg	$84	$31K	10x