Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h +0.018%

Price spread now: Paragon against Gate+0.082%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$1081.083% of the position

Long on Gate Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)−0.555%−$56 · spread now +0.082%, 7d avg −0.060%

Together, before fees−0.579%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paragon is 0.142% dearer against Gate than usual: you sell high and buy low (spread +0.082% now, against its 7-day average of −0.060%): +$14 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.2 days. At the pace of the last 7 days (−0.024% in total) that is about 41 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IREN_USDT	46.180	0	get 0.0000% / 8h	7h 31m	$837K	$1.3M	25x
Short	Paragon para:IREN	46.218	−0.0066	pay 0.0008% / 1h	31m 58s	$595K	$177K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Gate. 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 GatebpFee ParagonbpOrdersPrice spread, now +0.082%Rate

Funding earned: −$13.79
Price spread: +0.082% → −0.060%: $14.18
Slippage, 4 orders: −$83.35
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$107.96
Costs to cover: 1.083%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; Paragon: live order book, 14 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 Gate live order book, 5 min ago	7.55 bp	25.9 bp −$26	52.0 bp −$520	75.3 bp −$7,533	doesn't fit
Sell Paragon live order book, 14 min ago	24.78 bp	30.1 bp −$30	58.7 bp −$587	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
Bitget IRENUSDT	−0.0121%	8h	46.131	−0.106%	$2.0M	$650K	20x	as long as short
Paragon para:IRENshort	−0.0066%	1h	46.218	+0.082%	$595K	$177K	10x
Vest IREN-USD-PERP	−0.0018%	1h	46.110	−0.152%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.228	+0.103%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.173	−0.015%	$3.5M	$6.3M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.150	−0.065%	$1.2M	$570K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.190	+0.022%	$617K	$650K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	46.180	long leg	$837K	$1.3M	25x
Variational Omni IREN	0.0000%	8h	46.347	+0.362%	$181K	$101K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.270	+0.195%	$4K	$223K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IREN-USDT	0.0000%	8h	46.210	+0.065%	$970	$327K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.260	+0.173%	$9K	$876	20x	as long as short
Lighter RH IREN	+0.0040%	1h	46.229	+0.106%	$69K	$98K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.189	+0.019%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0068%	1h	46.220	+0.087%	$1.2M	$1.5M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.210	+0.065%	$731K	$311K	20x	as long as short
tradeXYZ xyz:IREN	+0.0188%	1h	46.153	−0.058%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0342%	1h	46.315	+0.292%	$82	$31K	10x	as long as short