Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.017%

Price spread now: Paragon against Binance−0.041%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$760.765% of the position

Long on Binance Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 4 days (all we have)−0.893%−$89 · spread now −0.041%, 7d avg −0.100%

Together, before fees−0.819%−$82 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paragon is 0.059% dearer against Binance than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.100%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IRENUSDT	47.605	0	get 0.0000% / 8h	4h 15m	$3.4M	$6.1M	25x
Short	Paragon para:IREN	47.585	0.0060	get 0.0008% / 1h	15m 36s	$612K	$182K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Binance. 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 BinancebpFee ParagonbpOrdersPrice spread, now −0.041%Rate

Funding earned: $12.6
Price spread: −0.041% → −0.100%: $5.86
Slippage, 4 orders: −$56.46
Fee Binance: 5 bp × 2 orders: −$10
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$58
Costs to cover: 0.765%
Break-even: 39.2 days

Slippage from Binance: live order book, 8 min ago; Paragon: live order book, 10 min ago.

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 Binance live order book, 8 min ago	1.05 bp	11.9 bp −$12	47.1 bp −$471	doesn't fit	doesn't fit
Sell Paragon live order book, 10 min ago	21.97 bp	27.0 bp −$27	45.7 bp −$457	doesn't fit	doesn't fit

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	47.641	+0.076%	$29K	$4K	20x	as long as short
Binance IRENUSDTlong	0.0000%	8h	47.605	long leg	$3.4M	$6.1M	25x
Bybit IRENUSDT	0.0000%	8h	47.590	−0.030%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.670	+0.138%	$649K	$621K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.600	−0.009%	$726K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.557	−0.100%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.612	+0.015%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.614	+0.020%	$4K	$192K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.620	+0.033%	$833	$357K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.560	−0.094%	$9K	$804	20x	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	+0.0018%	1h	47.540	−0.136%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.634	+0.062%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.590	−0.030%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.600	−0.009%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.585	−0.041%	$612K	$182K	10x
tradeXYZ xyz:IREN	+0.0084%	1h	47.610	+0.012%	$3.2M	$1.9M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.610	+0.012%	$749K	$219K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.609	+0.009%	$90	$31K	10x	as long as short