Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.018%

Price spread now: Bybit against Paragon+0.085%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1101.103% of the position

Long on Paragon Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$1 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.085%, 7d avg +0.025%

Together, before fees−0.095%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.060% dearer against Paragon than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of +0.025%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days. At the pace of the last 7 days (−0.015% in total) that is about 28 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	46.770	0.0060	pay 0.0008% / 1h	17m 56s	$602K	$177K	10x
Short	Bybit IRENUSDT	46.810	0	get 0.0000% / 8h	17m 56s	$1.2M	$553K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$12.6
Price spread: +0.085% → +0.025%: $6.03
Slippage, 4 orders: −$89.26
Fee Paragon: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$116.83
Costs to cover: 1.103%
Break-even: never at this rate

Slippage from Paragon: live order book, 38 min ago; Bybit: live order book, 3 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, 38 min ago	24.08 bp	29.2 bp −$29	41.7 bp −$417	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.14 bp	24.9 bp −$25	111.4 bp −$1,114	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
Bitget IRENUSDT	−0.0205%	8h	46.789	+0.040%	$2.1M	$539K	20x	as long as short
Vest IREN-USD-PERP	0.0000%	1h	46.710	−0.129%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.856	+0.184%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.826	+0.120%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	46.810	+0.085%	$1.2M	$553K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	46.800	+0.064%	$625K	$690K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.830	+0.128%	$797K	$1.3M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.812	+0.089%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.813	+0.090%	$4K	$219K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.820	+0.106%	$1K	$334K	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	46.790	+0.042%	$9K	$877	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.735	−0.075%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.800	+0.064%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENlong	+0.0060%	1h	46.770	long leg	$602K	$177K	10x
KuCoin IRENUSDTM	+0.0100%	8h	46.820	+0.106%	$737K	$274K	20x	as long as short
Lighter RH IREN	+0.0176%	1h	46.854	+0.179%	$70K	$98K	10x	as long as short
tradeXYZ xyz:IREN	+0.0189%	1h	46.794	+0.051%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.802	+0.068%	$85	$31K	10x	as long as short