Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0597%/8h= −65.4% APRpaid last 24h +0.046%

Price spread now: Gate against Paragon+0.063%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1421.421% of the position

Long on Paragon Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now +0.063%, 7d avg +0.055%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.055%, so right now this pair is about funding alone: −$18 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.018% in total (about -0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.330	0.0597	pay 0.0075% / 1h	44m 41s	$600K	$169K	10x
Short	Gate IREN_USDT	47.360	0	get 0.0000% / 8h	6h 44m	$730K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.063%Rate

Funding earned: −$125.47
Price spread: +0.063% → +0.055%: $0.84
Slippage, 4 orders: −$117.1
Fee Paragon: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$266.73
Costs to cover: 1.421%
Break-even: never at this rate

Slippage from Paragon: live order book, 1 min ago; Gate: live order book, 2 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, 1 min ago	19.54 bp	24.6 bp −$25	43.0 bp −$430	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	5.28 bp	78.3 bp −$78	97.2 bp −$972	123.2 bp −$12.3K	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
Aster IRENUSDT	0.0000%	8h	47.492	+0.343%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.360	+0.063%	$1.2M	$526K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.370	+0.085%	$647K	$636K	25x	as long as short
Gate IREN_USDTshort	0.0000%	8h	47.360	+0.063%	$730K	$1.2M	25x
Bitget IRENUSDT	0.0000%	8h	47.326	−0.008%	$2.0M	$438K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.373	+0.090%	$209K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.430	+0.211%	$4K	$182K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.380	+0.106%	$842	$361K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.310	−0.042%	$9K	$751	20x	as long as short
Vest IREN-USD-PERP	+0.0004%	1h	47.270	−0.127%	—	$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	47.350	+0.042%	$1.3M	$1.9M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.320	−0.021%	$4K	$7K	5x	as long as short
Binance IRENUSDT	+0.0045%	8h	47.360	+0.063%	$3.4M	$6.3M	25x	as long as short
Lighter RH IREN	+0.0080%	1h	47.411	+0.171%	$68K	$96K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.380	+0.106%	$745K	$173K	20x	as long as short
tradeXYZ xyz:IREN	+0.0323%	1h	47.372	+0.089%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.372	+0.089%	$86	$31K	10x	as long as short
Paragon para:IRENlong	+0.0597%	1h	47.330	long leg	$600K	$169K	10x