Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.017%

Price spread now: Binance against Paragon+0.074%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$790.786% of the position

Long on Paragon Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.864%+$86 · spread now +0.074%, 7d avg +0.099%

Together, before fees+0.797%+$80 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.025% cheaper against Paragon than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.099%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	46.754	0.0060	pay 0.0008% / 1h	1m 23s	$601K	$182K	10x
Short	Binance IRENUSDT	46.788	0	get 0.0000% / 8h	1h 01m	$3.5M	$6.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.074%Rate

Funding earned: −$12.6
Price spread: +0.074% → +0.099%: −$2.52
Slippage, 4 orders: −$58.61
Fee Paragon: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$93.73
Costs to cover: 0.786%
Break-even: never at this rate

Slippage from Paragon: live order book, 64 min ago; Binance: live order book, 7 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 Paragon live order book, 64 min ago	21.29 bp	26.8 bp −$27	44.0 bp −$440	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	2.14 bp	14.9 bp −$15	40.1 bp −$401	264.3 bp −$26.4K	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	−0.0305%	8h	46.770	+0.035%	$2.1M	$528K	20x	as long as short
Vest IREN-USD-PERP	−0.0002%	1h	46.700	−0.115%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.756	+0.005%	$24K	$9K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	46.788	+0.074%	$3.5M	$6.2M	25x
Bybit IRENUSDT	0.0000%	8h	46.760	+0.014%	$1.2M	$550K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.800	+0.099%	$625K	$693K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.810	+0.121%	$717K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.832	+0.167%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.791	+0.081%	$4K	$217K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.800	+0.099%	$1K	$337K	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	46.760	+0.014%	$9K	$875	20x	as long as short
QFEX IREN-USD	+0.0032%	1h	46.780	+0.056%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.750	−0.008%	$4K	$7K	5x	as long as short
Paragon para:IRENlong	+0.0060%	1h	46.754	long leg	$601K	$182K	10x
Lighter RH IREN	+0.0072%	1h	46.810	+0.121%	$70K	$98K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.780	+0.056%	$734K	$261K	20x	as long as short
tradeXYZ xyz:IREN	+0.0130%	1h	46.762	+0.018%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.813	+0.127%	$83	$31K	10x	as long as short