Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0405%/8h= +44.4% APRpaid last 24h +0.103%

Price spread now: Phoenix against Aster+0.065%65s7-day average — · you sell dearer than you buy

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

Long on Aster Short on Phoenix

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

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Phoenix is 0.065% dearer against Aster than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster IRENUSDT	47.407	0	get 0.0000% / 8h	1h 46m	$29K	$4K	20x
Short	Phoenix IREN	47.438	0.0405	get 0.0051% / 1h	46m 28s	$85	$38K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.065%Rate

Funding earned: $85.06
Price spread: +0.065% → 0.000%: $6.47
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $76.53
Costs to cover: 0.150%
Break-even: 0.7 days

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

Aster and 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 IRENUSDTlong	0.0000%	8h	47.407	long leg	$29K	$4K	20x
Binance IRENUSDT	0.0000%	8h	47.415	+0.017%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.380	−0.058%	$1.2M	$501K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.420	+0.027%	$662K	$691K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.410	+0.006%	$743K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.381	−0.056%	$2.0M	$509K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.461	+0.113%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.460	+0.111%	$5K	$200K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	+0.090%	$425	$389K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.390	−0.037%	$9K	$690	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	0.0000%	1h	47.320	−0.184%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.380	−0.058%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.366	−0.086%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.376	−0.066%	$623K	$126K	10x	as long as short
Lighter RH IREN	+0.0080%	1h	47.449	+0.088%	$68K	$114K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.430	+0.048%	$752K	$143K	20x	as long as short
tradeXYZ xyz:IREN	+0.0306%	1h	47.412	+0.010%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENshort	+0.0405%	1h	47.438	+0.065%	$85	$38K	10x