Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.055%

Price spread now: KuCoin against Paragon+0.084%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$164as in the Funding arb table

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$1791.785% of the position

Long on Paragon Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.147%+$15 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now +0.084%, 7d avg +0.056%

Together, before fees+0.210%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 0.029% dearer against Paragon than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.430	0.0060	pay 0.0008% / 1h	35m 48s	$637K	$147K	10x
Short	KuCoin IRENUSDTM	47.470	0.0100	get 0.0100% / 8h	35m 48s	$746K	$154K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.084%Rate

Funding earned: $8.4
Price spread: +0.084% → +0.056%: $2.87
Slippage, 4 orders: −$156.52
Fee Paragon: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$167.25
Costs to cover: 1.785%
Break-even: 146.4 days

Slippage from Paragon: live order book, 30 min ago; KuCoin: live order book, 28 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, 30 min ago	21.11 bp	26.2 bp −$26	45.1 bp −$451	doesn't fit	doesn't fit
Sell KuCoin live order book, 28 min ago	5.27 bp	45.6 bp −$46	doesn't fit	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
Vest IREN-USD-PERP	−0.0001%	1h	47.380	−0.105%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.481	+0.108%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.460	+0.063%	$3.5M	$6.6M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.440	+0.021%	$1.2M	$490K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.450	+0.042%	$662K	$668K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.440	+0.021%	$736K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.425	−0.011%	$2.0M	$503K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.455	+0.052%	$207K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.450	+0.042%	$1K	$386K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.410	−0.042%	$9K	$711	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT IREN_USDT_Perp	+0.0031%	8h	47.460	+0.063%	$4K	$191K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.481	+0.108%	$68K	$111K	10x	as long as short
QFEX IREN-USD	+0.0032%	1h	47.440	+0.021%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.425	−0.011%	$4K	$8K	5x	as long as short
Paragon para:IRENlong	+0.0060%	1h	47.430	long leg	$637K	$147K	10x
KuCoin IRENUSDTMshort	+0.0100%	8h	47.470	+0.084%	$746K	$154K	20x
tradeXYZ xyz:IREN	+0.0305%	1h	47.434	+0.008%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0388%	1h	47.474	+0.093%	$86	$38K	10x	as long as short