Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0638%/8h= −69.8% APRpaid last 24h −0.017%

Price spread now: Aster against Paragon+0.332%7-day average — · you sell dearer than you buy

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

Long on Paragon Short on Aster

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

The price spread pays, funding is against you. Aster is 0.332% dearer against Paragon than usual: you sell high and buy low (spread +0.332% now, against zero (this spread has no 7-day history yet)): +$33 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.300	0.0638	pay 0.0080% / 1h	46m 14s	$600K	$169K	10x
Short	Aster IRENUSDT	47.457	0	get 0.0000% / 8h	6h 46m	$29K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Paragon. 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 ParagonbpFee AsterbpOrdersPrice spread, now +0.332%Rate

Funding earned: −$133.93
Price spread: +0.332% → 0.000%: $33.16
Slippage, 4 orders: no order book: not counted
Fee Paragon: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$118.77
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Paragon: live order book, 69 min ago; Aster: no order-book sample. 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 Paragon live order book, 69 min ago	18.26 bp	26.8 bp −$27	32.3 bp −$323	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

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
Aster IRENUSDTshort	0.0000%	8h	47.457	+0.332%	$29K	$4K	20x
Bybit IRENUSDT	0.0000%	8h	47.350	+0.106%	$1.2M	$526K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.370	+0.148%	$648K	$637K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.360	+0.127%	$730K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.333	+0.070%	$2.0M	$438K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.373	+0.154%	$209K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.430	+0.275%	$4K	$182K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.380	+0.169%	$842	$361K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.310	+0.021%	$9K	$751	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.270	−0.063%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0029%	1h	47.360	+0.127%	$1.3M	$1.9M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.325	+0.053%	$4K	$7K	5x	as long as short
Binance IRENUSDT	+0.0046%	8h	47.360	+0.127%	$3.4M	$6.3M	25x	as long as short
Lighter RH IREN	+0.0072%	1h	47.398	+0.207%	$68K	$96K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.350	+0.106%	$744K	$172K	20x	as long as short
tradeXYZ xyz:IREN	+0.0331%	1h	47.372	+0.152%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.449	+0.315%	$87	$31K	10x	as long as short
Paragon para:IRENlong	+0.0638%	1h	47.300	long leg	$600K	$169K	10x