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 −0.001%

Price spread now: Paragon against GRVT−0.059%47s7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$990.989% of the position

Long on GRVT Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now −0.059%, 7d avg −0.051%

Together, before fees+0.035%+ Points / potential airdropGRVT: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.051%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT IREN_USDT_Perp	47.420	0	get 0.0000% / 8h	1h 04m	$5K	$193K	10x
Short	Paragon para:IREN	47.392	0.0060	get 0.0008% / 1h	4m 04s	$637K	$147K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against GRVT. 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 GRVTbpFee ParagonbpOrdersPrice spread, now −0.059%Rate

Funding earned: $12.6
Price spread: −0.059% → −0.051%: −$0.72
Slippage, 4 orders: −$79.91
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$87.03
Costs to cover: 0.989%
Break-even: 55.3 days

Slippage from GRVT: live order book, 13 min ago; Paragon: live order book, 2 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 GRVT live order book, 13 min ago	3.16 bp	20.6 bp −$21	111.8 bp −$1,118	doesn't fit	doesn't fit
Sell Paragon live order book, 2 min ago	21.11 bp	26.1 bp −$26	42.3 bp −$423	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
Vest IREN-USD-PERP	−0.0002%	1h	47.310	−0.232%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.405	−0.032%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.430	+0.021%	$3.5M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.380	−0.084%	$1.2M	$498K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.420	0.000%	$661K	$685K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.410	−0.021%	$734K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.377	−0.091%	$2.0M	$498K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.399	−0.045%	$207K	$88K	—	as long as short
GRVT IREN_USDT_Perplong	0.0000%	8h	47.420	long leg	$5K	$193K	10x
SunX IREN-USDT	0.0000%	8h	47.410	−0.021%	$997	$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	47.390	−0.063%	$9K	$702	20x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.420	0.000%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.374	−0.096%	$4K	$8K	5x	as long as short
Lighter RH IREN	+0.0056%	1h	47.451	+0.065%	$68K	$115K	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.392	−0.059%	$637K	$147K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.410	−0.021%	$741K	$147K	20x	as long as short
tradeXYZ xyz:IREN	+0.0322%	1h	47.410	−0.021%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0405%	1h	47.384	−0.076%	$88	$38K	10x	as long as short