Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0355%/8h= +38.8% APRpaid last 24h +0.100%

Price spread now: Phoenix against Bybit+0.166%75s7-day average — · you sell dearer than you buy

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

Long on Bybit 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 +$11 a day on $10k at the current rate, and Phoenix is 0.166% dearer against Bybit than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 75 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	Bybit IRENUSDT	47.500	0	get 0.0000% / 8h	5h 02m	$1.2M	$541K	25x
Short	Phoenix IREN	47.579	0.0355	get 0.0044% / 1h	2m 09s	$83	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.166%Rate

Funding earned: $74.48
Price spread: +0.166% → 0.000%: $16.63
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $73.11
Costs to cover: 0.180%
Break-even: 0.1 days

Slippage unknown: Bybit: 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 Bybit live order book, 4 min ago	2.10 bp	29.5 bp −$29	114.3 bp −$1,143	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	47.564	+0.136%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.535	+0.073%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.500	long leg	$1.2M	$541K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.550	+0.105%	$648K	$621K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.520	+0.042%	$721K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.498	−0.004%	$2.0M	$419K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.531	+0.065%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.542	+0.088%	$5K	$185K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.520	+0.042%	$1K	$359K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.490	−0.021%	$9K	$789	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	+0.0010%	1h	47.450	−0.105%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.510	+0.021%	$1.2M	$1.7M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.552	+0.109%	$69K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.495	−0.011%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.490	−0.021%	$611K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.530	+0.063%	$747K	$211K	20x	as long as short
tradeXYZ xyz:IREN	+0.0339%	1h	47.502	+0.004%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENshort	+0.0355%	1h	47.579	+0.166%	$83	$31K	10x