Funding arb · Price arb /

IREN

RWAall IREN markets

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 HTX+0.066%7-day average — · you sell dearer than you buy

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

Long on HTX 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—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paragon is 0.066% dearer against HTX than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX IREN-USDT	47.360	0	get 0.0000% / 8h	1h 06m	$9K	$700	20x
Short	Paragon para:IREN	47.391	0.0060	get 0.0008% / 1h	6m 28s	$637K	$147K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against HTX. 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 HTXbpFee ParagonbpOrdersPrice spread, now +0.066%Rate

Funding earned: $12.6
Price spread: +0.066% → 0.000%: $6.57
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$2.83
Costs to cover: 0.220%
Break-even: 8.6 days

Slippage unknown: HTX: no order-book sample; Paragon: live order book, 69 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 HTX no order-book sample	—	—	—	—	—
Sell Paragon live order book, 69 min ago	14.90 bp	19.9 bp −$20	32.4 bp −$324	doesn't fit	doesn't fit

HTX: 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	−0.0002%	1h	47.300	−0.127%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.388	+0.059%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.360	0.000%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.360	0.000%	$1.2M	$498K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.370	+0.021%	$661K	$684K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.360	0.000%	$733K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.359	−0.002%	$2.0M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.399	+0.082%	$207K	$88K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.420	+0.127%	$5K	$193K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.390	+0.063%	$936	$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-USDTlong	0.0000%	8h	47.360	long leg	$9K	$700	20x
QFEX IREN-USD	+0.0026%	1h	47.410	+0.106%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.325	−0.074%	$4K	$8K	5x	as long as short
Lighter RH IREN	+0.0056%	1h	47.440	+0.169%	$68K	$114K	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.391	+0.066%	$637K	$147K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.400	+0.084%	$752K	$143K	20x	as long as short
tradeXYZ xyz:IREN	+0.0323%	1h	47.377	+0.036%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0405%	1h	47.388	+0.059%	$87	$38K	10x	as long as short