Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0341%/8h= +37.3% APRpaid last 24h +0.105%

Price spread now: Phoenix against Variational Omni−0.027%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

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

Funding pays, the price is against you. Phoenix is 0.027% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IREN	46.782	0	get 0.0000% / 8h	56m 44s	$191K	$92K	—
Short	Phoenix IREN	46.769	0.0341	get 0.0043% / 1h	56m 44s	$83	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.027%Rate

Funding earned: $71.52
Price spread: −0.027% → 0.000%: −$2.74
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $61.78
Costs to cover: 0.070%
Break-even: 1.0 days

Slippage unknown: Variational Omni: RFQ quote, 47 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 Variational Omni RFQ quote, 47 min ago	6.98 bp	doesn't fit	66.5 bp −$665	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 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
Bitget IRENUSDT	−0.0293%	8h	46.726	−0.119%	$2.1M	$528K	20x	as long as short
Vest IREN-USD-PERP	−0.0002%	1h	46.680	−0.218%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.718	−0.137%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.750	−0.068%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.730	−0.111%	$1.2M	$550K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.800	+0.039%	$625K	$693K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.770	−0.025%	$716K	$1.2M	25x	as long as short
Variational Omni IRENlong	0.0000%	8h	46.782	long leg	$191K	$92K	—
GRVT IREN_USDT_Perp	0.0000%	8h	46.790	+0.018%	$4K	$217K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.760	−0.047%	$1K	$336K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.650	−0.282%	$9K	$875	20x	as long as short
Lighter RH IREN	+0.0040%	1h	46.778	−0.008%	$70K	$97K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.700	−0.175%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.750	−0.068%	$1.2M	$1.5M	10x	as long as short
tradeXYZ xyz:IREN	+0.0050%	1h	46.725	−0.121%	$3.1M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.740	−0.089%	$735K	$263K	20x	as long as short
Paragon para:IREN	+0.0113%	1h	46.732	−0.107%	$601K	$177K	10x	as long as short
Phoenix IRENshort	+0.0341%	1h	46.769	−0.027%	$83	$31K	10x