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 −0.100%

Price spread now: OKX against Phoenix+0.091%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 OKX

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. OKX is 0.091% dearer against Phoenix than usual: you sell high and buy low (spread +0.091% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix IREN	47.267	0.0353	pay 0.0044% / 1h	35m 18s	$89	$31K	10x
Short	OKX IREN-USDT-SWAP	47.310	0	get 0.0000% / 8h	6h 35m	$646K	$636K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.091%Rate

Funding earned: −$74.08
Price spread: +0.091% → 0.000%: $9.1
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$81.99
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; OKX: live order book, 31 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 OKX live order book, 31 min ago	4.20 bp	14.2 bp −$14	830.4 bp −$8,304	doesn't fit	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	47.398	+0.278%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.270	+0.006%	$1.2M	$527K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.310	+0.091%	$646K	$636K	25x
Gate IREN_USDT	0.0000%	8h	47.300	+0.070%	$727K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.272	+0.011%	$2.0M	$438K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.283	+0.033%	$209K	$86K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.319	+0.109%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.280	+0.028%	$941	$361K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.270	+0.006%	$9K	$754	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.210	−0.121%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance IRENUSDT	+0.0028%	8h	47.303	+0.075%	$3.4M	$6.3M	25x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.280	+0.028%	$1.3M	$1.9M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.270	+0.006%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.270	+0.006%	$743K	$178K	20x	as long as short
Lighter RH IREN	+0.0112%	1h	47.330	+0.133%	$68K	$99K	10x	as long as short
tradeXYZ xyz:IREN	+0.0246%	1h	47.299	+0.068%	$3.2M	$2.0M	10x	as long as short
Phoenix IRENlong	+0.0353%	1h	47.267	long leg	$89	$31K	10x
Paragon para:IREN	+0.0538%	1h	47.253	−0.030%	$597K	$172K	10x	as long as short