Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0353%/8h= +38.6% APRpaid last 24h +0.037%

Price spread now: Phoenix against Gate+0.103%62s7-day average — · you sell dearer than you buy

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

Long on Gate 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 0.103% dearer against Gate than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 62 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	Gate IREN_USDT	47.390	0	get 0.0000% / 8h	6h 18m	$724K	$1.2M	25x
Short	Phoenix IREN	47.439	0.0353	get 0.0044% / 1h	18m 17s	$88	$31K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.103%Rate

Funding earned: $74.08
Price spread: +0.103% → 0.000%: $10.34
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $62.42
Costs to cover: 0.220%
Break-even: 1.1 days

Slippage unknown: Gate: 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 Gate live order book, 4 min ago	4.22 bp	15.4 bp −$15	44.4 bp −$444	75.1 bp −$7,510	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	47.487	+0.205%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.390	0.000%	$1.2M	$524K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	0.000%	$646K	$634K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	47.390	long leg	$724K	$1.2M	25x
Bitget IRENUSDT	0.0000%	8h	47.380	−0.021%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.371	−0.040%	$209K	$84K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.372	−0.038%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.380	−0.021%	$861	$359K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.250	−0.295%	$9K	$759	20x	as long as short
Binance IRENUSDT	+0.0003%	8h	47.410	+0.042%	$3.4M	$6.2M	25x	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	+0.0004%	1h	47.320	−0.148%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.390	0.000%	$1.2M	$1.8M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.411	+0.044%	$69K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.375	−0.032%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.380	−0.021%	$745K	$185K	20x	as long as short
tradeXYZ xyz:IREN	+0.0246%	1h	47.400	+0.021%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0304%	1h	47.360	−0.063%	$599K	$172K	10x	as long as short
Phoenix IRENshort	+0.0353%	1h	47.439	+0.103%	$88	$31K	10x