Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Paragon+0.103%7-day average +0.050% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paragon Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.103%, 7d avg +0.050%

Together, before fees−0.064%+ Points / potential airdropVariational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.053% dearer against Paragon than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of +0.050%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.587	0.0060	pay 0.0008% / 1h	18m 08s	$612K	$182K	10x
Short	Variational Omni IREN	47.636	0	get 0.0000% / 8h	4h 18m	$213K	$87K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Paragon. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.103%Rate

Funding earned: −$12.6
Price spread: +0.103% → +0.050%: $5.27
Slippage, 4 orders: no order book: not counted
Fee Paragon: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$17.33
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Paragon: live order book, 7 min ago; Variational Omni: RFQ quote, 41 min ago. Net counts fees only.

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, 7 min ago	21.97 bp	27.1 bp −$27	46.4 bp −$464	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 41 min ago	5.21 bp	doesn't fit	57.5 bp −$575	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
Aster IRENUSDT	0.0000%	8h	47.610	+0.047%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.603	+0.032%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.580	−0.015%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.670	+0.174%	$649K	$623K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.620	+0.069%	$727K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.570	−0.036%	$2.0M	$417K	20x	as long as short
Variational Omni IRENshort	0.0000%	8h	47.636	+0.103%	$213K	$87K	—
GRVT IREN_USDT_Perp	0.0000%	8h	47.640	+0.111%	$4K	$192K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.600	+0.027%	$775	$357K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.560	−0.057%	$9K	$805	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	+0.0017%	1h	47.550	−0.078%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.620	+0.069%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.580	−0.015%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.590	+0.006%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENlong	+0.0060%	1h	47.587	long leg	$612K	$182K	10x
tradeXYZ xyz:IREN	+0.0082%	1h	47.601	+0.029%	$3.2M	$1.9M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.610	+0.048%	$748K	$219K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.642	+0.115%	$83	$31K	10x	as long as short