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 +0.054%

Price spread now: Phoenix against Bitget+0.118%109s7-day average — · you sell dearer than you buy

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

Long on Bitget 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—needs both histories

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Phoenix is 0.118% dearer against Bitget than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 109 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	Bitget IRENUSDT	47.382	0	get 0.0000% / 8h	1h 47m	$2.0M	$509K	20x
Short	Phoenix IREN	47.438	0.0405	get 0.0051% / 1h	47m 44s	$85	$38K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.118%Rate

Funding earned: $85.06
Price spread: +0.118% → 0.000%: $11.82
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $77.88
Costs to cover: 0.190%
Break-even: 0.6 days

Slippage unknown: Bitget: live order book, 4 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 Bitget live order book, 4 min ago	4.32 bp	26.7 bp −$27	44.8 bp −$448	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
Aster IRENUSDT	0.0000%	8h	47.409	+0.057%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.420	+0.080%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.370	−0.025%	$1.2M	$501K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.420	+0.080%	$662K	$691K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.400	+0.038%	$742K	$1.5M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.382	long leg	$2.0M	$509K	20x
Variational Omni IREN	0.0000%	8h	47.461	+0.167%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.460	+0.165%	$5K	$200K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	+0.144%	$425	$389K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.390	+0.017%	$9K	$691	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	+0.0001%	1h	47.320	−0.131%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.400	+0.038%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.366	−0.033%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.382	0.000%	$623K	$126K	10x	as long as short
Lighter RH IREN	+0.0080%	1h	47.447	+0.137%	$68K	$114K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.430	+0.101%	$752K	$143K	20x	as long as short
tradeXYZ xyz:IREN	+0.0305%	1h	47.415	+0.070%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENshort	+0.0405%	1h	47.438	+0.118%	$85	$38K	10x