Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0337%/8h= −36.9% APRpaid last 24h −0.037%

Price spread now: Gate against Phoenix+0.002%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 Gate

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	47.619	0.0337	pay 0.0042% / 1h	1m 05s	$83	$35K	10x
Short	Gate IREN_USDT	47.620	0	get 0.0000% / 8h	7h 01m	$738K	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.002%Rate

Funding earned: −$70.75
Price spread: +0.002% → 0.000%: $0.21
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$92.54
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 1 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 Gate live order book, 1 min ago	3.15 bp	32.1 bp −$32	78.0 bp −$780	119.2 bp −$11.9K	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
Aster IRENUSDT	0.0000%	8h	47.755	+0.285%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.590	−0.061%	$1.2M	$526K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.590	−0.061%	$658K	$632K	25x	as long as short
Gate IREN_USDTshort	0.0000%	8h	47.620	+0.002%	$738K	$1.3M	25x
Bitget IRENUSDT	0.0000%	8h	47.585	−0.071%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.602	−0.036%	$210K	$87K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.640	+0.044%	$967	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.610	−0.019%	$9K	$744	20x	as long as short
Vest IREN-USD-PERP	+0.0002%	1h	47.530	−0.187%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.638	+0.040%	$68K	$109K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.565	−0.113%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.590	−0.061%	$1.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.596	−0.049%	$640K	$146K	10x	as long as short
Binance IRENUSDT	+0.0067%	8h	47.600	−0.040%	$3.5M	$6.2M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.630	+0.023%	$748K	$170K	20x	as long as short
GRVT IREN_USDT_Perp	+0.0105%	8h	47.631	+0.024%	$5K	$182K	10x	as long as short
Phoenix IRENlong	+0.0337%	1h	47.619	long leg	$83	$35K	10x
tradeXYZ xyz:IREN	+0.0337%	1h	47.598	−0.044%	$3.2M	$1.9M	10x	as long as short