Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.109%

Price spread now: Paragon against Aster−0.034%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Paragon

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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Paragon is 0.034% cheaper against Aster than usual: you would sell low and buy high (spread −0.034% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 46 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster IRENUSDT	47.416	0	get 0.0000% / 8h	1h 16m	$29K	$4K	20x
Short	Paragon para:IREN	47.400	0.0060	get 0.0008% / 1h	16m 28s	$626K	$142K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Aster. 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 AsterbpFee ParagonbpOrdersPrice spread, now −0.034%Rate

Funding earned: $12.6
Price spread: −0.034% → 0.000%: −$3.44
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$8.84
Costs to cover: 0.180%
Break-even: 11.9 days

Slippage unknown: Aster: no order-book sample; Paragon: live order book, 59 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 Aster no order-book sample	—	—	—	—	—
Sell Paragon live order book, 59 min ago	14.90 bp	19.9 bp −$20	32.4 bp −$324	doesn't fit	doesn't fit

Aster: 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	−0.0001%	1h	47.320	−0.203%	—	$15K	10x	as long as short
Aster IRENUSDTlong	0.0000%	8h	47.416	long leg	$29K	$4K	20x
Binance IRENUSDT	0.0000%	8h	47.410	−0.013%	$3.5M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.390	−0.055%	$1.2M	$498K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	+0.071%	$662K	$687K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.400	−0.034%	$740K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.364	−0.110%	$2.0M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.439	+0.048%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.443	+0.056%	$5K	$194K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.480	+0.134%	$716	$389K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	47.400	−0.034%	$9K	$697	20x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.420	+0.008%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.370	−0.097%	$4K	$8K	5x	as long as short
Lighter RH IREN	+0.0048%	1h	47.439	+0.048%	$68K	$114K	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.400	−0.034%	$626K	$142K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.430	+0.029%	$753K	$142K	20x	as long as short
tradeXYZ xyz:IREN	+0.0342%	1h	47.406	−0.022%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0405%	1h	47.434	+0.037%	$86	$38K	10x	as long as short