Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.018%

Price spread now: Paragon against SunX−0.150%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$1951.954% of the position

Long on SunX Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

Price spread, last 4 days (all we have)+0.503%+$50 · spread now −0.150%, 7d avg −0.040%

Together, before fees+0.686%+$69 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paragon is 0.110% cheaper against SunX than usual: you would sell low and buy high (spread −0.150% now, against its 7-day average of −0.040%). If the spread goes back, that is −$11 on $10k: about 6.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.550	0	get 0.0000% / 8h	5h 05m	$1K	$359K	10x
Short	Paragon para:IREN	47.479	0.0060	get 0.0008% / 1h	5m 28s	$610K	$182K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against SunX. 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 SunXbpFee ParagonbpOrdersPrice spread, now −0.150%Rate

Funding earned: $12.6
Price spread: −0.150% → −0.040%: −$10.99
Slippage, 4 orders: −$177.37
Fee SunX: 4 bp × 2 orders: −$8
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$193.76
Costs to cover: 1.954%
Break-even: 114.6 days

Slippage from SunX: live order book, 25 min ago; Paragon: live order book, 30 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 SunX live order book, 25 min ago	48.42 bp	68.0 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Paragon live order book, 30 min ago	24.26 bp	29.3 bp −$29	58.1 bp −$581	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	47.573	+0.048%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.540	−0.021%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.510	−0.084%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.550	0.000%	$648K	$621K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.530	−0.042%	$721K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.482	−0.143%	$2.0M	$428K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.531	−0.041%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.545	−0.010%	$5K	$185K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.550	long leg	$1K	$359K	10x
HTX IREN-USDT	0.0000%	8h	47.510	−0.084%	$9K	$787	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	+0.0009%	1h	47.450	−0.210%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.520	−0.063%	$1.2M	$1.7M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.553	+0.006%	$69K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.485	−0.137%	$4K	$7K	5x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.479	−0.150%	$610K	$182K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.530	−0.042%	$747K	$211K	20x	as long as short
tradeXYZ xyz:IREN	+0.0348%	1h	47.520	−0.063%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0355%	1h	47.531	−0.040%	$87	$31K	10x	as long as short