Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.018%

Price spread now: OKX against Paragon+0.223%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$1091.088% of the position

Long on Paragon Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 4 days (all we have)−0.246%−$25 · spread now +0.223%, 7d avg +0.046%

Together, before fees−0.354%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.177% dearer against Paragon than usual: you sell high and buy low (spread +0.223% now, against its 7-day average of +0.046%): +$18 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 9.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	46.975	0.0060	pay 0.0008% / 1h	47m 39s	$604K	$182K	10x
Short	OKX IREN-USDT-SWAP	47.080	0	get 0.0000% / 8h	2h 47m	$648K	$652K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.223%Rate

Funding earned: −$12.6
Price spread: +0.223% → +0.046%: $17.71
Slippage, 4 orders: −$88.76
Fee Paragon: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$103.65
Costs to cover: 1.088%
Break-even: never at this rate

Slippage from Paragon: live order book, 28 min ago; OKX: live order book, 63 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, 28 min ago	25.31 bp	31.5 bp −$32	42.4 bp −$424	doesn't fit	doesn't fit
Sell OKX live order book, 63 min ago	5.27 bp	28.3 bp −$28	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
Bitget IRENUSDT	−0.0074%	8h	47.058	+0.176%	$2.1M	$500K	20x	as long as short
Aster IRENUSDT	0.0000%	8h	46.957	−0.040%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.990	+0.031%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.970	−0.011%	$1.2M	$545K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.080	+0.223%	$648K	$652K	25x
Gate IREN_USDT	0.0000%	8h	47.030	+0.116%	$722K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	47.092	+0.248%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.097	+0.258%	$4K	$206K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.090	+0.244%	$1K	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.010	+0.074%	$9K	$836	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0002%	1h	46.900	−0.160%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.950	−0.054%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	47.000	+0.053%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0048%	1h	47.037	+0.131%	$70K	$95K	10x	as long as short
Paragon para:IRENlong	+0.0060%	1h	46.975	long leg	$604K	$182K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.010	+0.074%	$739K	$238K	20x	as long as short
tradeXYZ xyz:IREN	+0.0313%	1h	46.990	+0.031%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0340%	1h	47.041	+0.140%	$85	$31K	10x	as long as short