Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h +0.010%

Price spread now: Binance against Phoenix+0.036%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Binance

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

The price spread pays, funding is against you. Binance is 0.036% dearer against Phoenix than usual: you sell high and buy low (spread +0.036% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	47.443	0.0388	pay 0.0049% / 1h	39m 30s	$87	$38K	10x
Short	Binance IRENUSDT	47.460	0	get 0.0000% / 8h	39m 30s	$3.5M	$6.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now +0.036%Rate

Funding earned: −$81.49
Price spread: +0.036% → 0.000%: $3.58
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$94.91
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 14 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Binance live order book, 14 min ago	1.05 bp	14.1 bp −$14	48.8 bp −$488	232.7 bp −$23.3K	doesn't fit

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
Vest IREN-USD-PERP	−0.0002%	1h	47.370	−0.154%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.452	+0.018%	$29K	$4K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	47.460	+0.036%	$3.5M	$6.6M	25x
Bybit IRENUSDT	0.0000%	8h	47.430	−0.027%	$1.2M	$490K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	+0.015%	$662K	$669K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.460	+0.036%	$737K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.425	−0.038%	$2.0M	$503K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.464	+0.044%	$207K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	+0.015%	$1K	$386K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.430	−0.027%	$9K	$710	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0031%	8h	47.460	+0.036%	$4K	$191K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.420	−0.048%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.422	−0.045%	$4K	$8K	5x	as long as short
Lighter RH IREN	+0.0056%	1h	47.478	+0.074%	$68K	$111K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.425	−0.038%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.470	+0.057%	$746K	$154K	20x	as long as short
tradeXYZ xyz:IREN	+0.0329%	1h	47.438	−0.011%	$3.2M	$1.9M	10x	as long as short
Phoenix IRENlong	+0.0388%	1h	47.443	long leg	$87	$38K	10x