Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0342%/8h= −37.5% APRpaid last 24h −0.106%

Price spread now: Variational Omni against Phoenix+0.216%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.216% dearer against Phoenix than usual: you sell high and buy low (spread +0.216% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	46.387	0.0342	pay 0.0043% / 1h	37m 10s	$82	$31K	10x
Short	Variational Omni IREN	46.487	0	get 0.0000% / 8h	7h 37m	$181K	$101K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.216%Rate

Funding earned: −$71.87
Price spread: +0.216% → 0.000%: $21.63
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$57.25
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 62 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 Variational Omni RFQ quote, 62 min ago	5.25 bp	doesn't fit	55.0 bp −$550	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
Paragon para:IREN	−0.0144%	1h	46.356	−0.067%	$596K	$177K	10x	as long as short
Bitget IRENUSDT	−0.0131%	8h	46.381	−0.013%	$2.1M	$567K	20x	as long as short
Vest IREN-USD-PERP	−0.0014%	1h	46.300	−0.188%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.442	+0.119%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.400	+0.028%	$3.5M	$6.3M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.370	−0.037%	$1.2M	$568K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.410	+0.050%	$620K	$649K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.380	−0.015%	$813K	$1.3M	25x	as long as short
Variational Omni IRENshort	0.0000%	8h	46.487	+0.216%	$181K	$101K	—
GRVT IREN_USDT_Perp	0.0000%	8h	46.447	+0.130%	$4K	$223K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IREN-USDT	0.0000%	8h	46.420	+0.071%	$1K	$327K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.400	+0.028%	$9K	$873	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.389	+0.004%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0068%	1h	46.400	+0.028%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0080%	1h	46.394	+0.015%	$69K	$98K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.440	+0.114%	$733K	$305K	20x	as long as short
tradeXYZ xyz:IREN	+0.0201%	1h	46.375	−0.026%	$3.1M	$2.0M	10x	as long as short
Phoenix IRENlong	+0.0342%	1h	46.387	long leg	$82	$31K	10x