Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h −0.081%

Price spread now: Bitget against Paragon+0.006%7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

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

costs, in and out, $10k−$990.991% of the position

Long on Paragon Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 4 days (all we have)+0.145%+$14 · spread now +0.006%, 7d avg −0.041%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bitget is 0.047% dearer against Paragon than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.041%. Mind the row above: over the last 7 days funding on this pair cost −0.099%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.360	−0.0055	get 0.0007% / 1h	6m 41s	$622K	$126K	10x
Short	Bitget IRENUSDT	47.363	0	get 0.0000% / 8h	2h 06m	$2.0M	$538K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.006%Rate

Funding earned: $11.48
Price spread: +0.006% → −0.041%: $4.74
Slippage, 4 orders: −$77.12
Fee Paragon: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$82.9
Costs to cover: 0.991%
Break-even: 57.5 days

Slippage from Paragon: live order book, 9 min ago; Bitget: live order book, 10 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, 9 min ago	14.90 bp	22.4 bp −$22	50.0 bp −$500	doesn't fit	doesn't fit
Sell Bitget live order book, 10 min ago	5.28 bp	28.4 bp −$28	37.2 bp −$372	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
Paragon para:IRENlong	−0.0055%	1h	47.360	long leg	$622K	$126K	10x
Aster IRENUSDT	0.0000%	8h	47.439	+0.167%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.410	+0.105%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.380	+0.042%	$1.2M	$503K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.400	+0.084%	$662K	$692K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.390	+0.063%	$742K	$1.6M	25x	as long as short
Bitget IRENUSDTshort	0.0000%	8h	47.363	+0.006%	$2.0M	$538K	20x
Variational Omni IREN	0.0000%	8h	47.419	+0.125%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.410	+0.105%	$4K	$204K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.410	+0.105%	$494	$390K	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	47.280	−0.169%	$9K	$682	20x	as long as short
Vest IREN-USD-PERP	+0.0002%	1h	47.310	−0.106%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0018%	1h	47.370	+0.021%	$1.2M	$2.1M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.438	+0.164%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.355	−0.011%	$4K	$8K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.390	+0.063%	$751K	$144K	20x	as long as short
Phoenix IREN	+0.0320%	1h	47.399	+0.082%	$84	$38K	10x	as long as short
tradeXYZ xyz:IREN	+0.0332%	1h	47.400	+0.084%	$3.2M	$1.9M	10x	as long as short