Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h +0.018%

Price spread now: Paragon against Variational Omni−0.279%7-day average −0.054% · you buy dearer than you sell

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

Long on Variational Omni Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.030%−$3 on $10k

Price spread, last 4 days (all we have)+0.261%+$26 · spread now −0.279%, 7d avg −0.054%

Together, before fees+0.231%+ Points / potential airdropVariational Omni: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Paragon is 0.226% cheaper against Variational Omni than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IREN	46.347	0	get 0.0000% / 8h	7h 32m	$181K	$101K	—
Short	Paragon para:IREN	46.218	−0.0066	pay 0.0008% / 1h	32m 47s	$595K	$177K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Variational Omni. 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 Variational OmnibpFee ParagonbpOrdersPrice spread, now −0.279%Rate

Funding earned: −$13.79
Price spread: −0.279% → −0.054%: −$22.56
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$46.35
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Paragon: live order book, 13 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 Variational Omni RFQ quote, 1 min ago	3.54 bp	doesn't fit	79.0 bp −$790	doesn't fit	doesn't fit
Sell Paragon live order book, 13 min ago	24.78 bp	30.1 bp −$30	58.7 bp −$587	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	−0.0124%	8h	46.210	−0.296%	$2.0M	$650K	20x	as long as short
Paragon para:IRENshort	−0.0066%	1h	46.218	−0.279%	$595K	$177K	10x
Vest IREN-USD-PERP	−0.0017%	1h	46.130	−0.469%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.268	−0.171%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.234	−0.245%	$3.5M	$6.3M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.190	−0.340%	$1.2M	$570K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.210	−0.296%	$619K	$648K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.250	−0.210%	$810K	$1.3M	25x	as long as short
Variational Omni IRENlong	0.0000%	8h	46.347	long leg	$181K	$101K	—
GRVT IREN_USDT_Perp	0.0000%	8h	46.270	−0.167%	$4K	$223K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IREN-USDT	0.0000%	8h	46.250	−0.210%	$878	$327K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	46.270	−0.167%	$9K	$873	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.208	−0.301%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0064%	1h	46.286	−0.132%	$69K	$98K	10x	as long as short
QFEX IREN-USD	+0.0068%	1h	46.210	−0.296%	$1.2M	$1.5M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.260	−0.188%	$731K	$310K	20x	as long as short
tradeXYZ xyz:IREN	+0.0197%	1h	46.200	−0.318%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0342%	1h	46.315	−0.070%	$82	$31K	10x	as long as short