Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.018%

Price spread now: Paragon against Gate−0.111%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1011.005% of the position

Long on Gate Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now −0.111%, 7d avg −0.060%

Together, before fees−0.066%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paragon is 0.051% cheaper against Gate than usual: you would sell low and buy high (spread −0.111% now, against its 7-day average of −0.060%). If the spread goes back, that is −$5 on $10k: about 2.8 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	Gate IREN_USDT	47.320	0	get 0.0000% / 8h	5h 43m	$815K	$1.4M	25x
Short	Paragon para:IREN	47.267	0.0060	get 0.0008% / 1h	43m 48s	$608K	$177K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Gate. 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 GatebpFee ParagonbpOrdersPrice spread, now −0.111%Rate

Funding earned: $12.6
Price spread: −0.111% → −0.060%: −$5.12
Slippage, 4 orders: −$75.55
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$93.06
Costs to cover: 1.005%
Break-even: 58.7 days

Slippage from Gate: live order book, 2 min ago; Paragon: live order book, 58 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 Gate live order book, 2 min ago	5.28 bp	25.4 bp −$25	48.6 bp −$486	77.1 bp −$7,714	doesn't fit
Sell Paragon live order book, 58 min ago	22.09 bp	27.2 bp −$27	34.6 bp −$346	doesn't fit	doesn't fit

IREN on 18 exchanges

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	47.319	−0.003%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.300	−0.042%	$1.2M	$563K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.350	+0.063%	$636K	$673K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	47.320	long leg	$815K	$1.4M	25x
Bitget IRENUSDT	0.0000%	8h	47.301	−0.040%	$2.1M	$649K	20x	as long as short
SunX IREN-USDT	0.0000%	8h	47.320	0.000%	$1K	$311K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.340	+0.042%	$9K	$874	20x	as long as short
Vest IREN-USD-PERP	+0.0005%	1h	47.260	−0.127%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.344	+0.051%	$71K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.270	−0.106%	$4K	$4K	5x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IREN	+0.0040%	8h	47.358	+0.080%	$185K	$101K	—	as long as short
QFEX IREN-USD	+0.0049%	1h	47.330	+0.021%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.267	−0.111%	$608K	$177K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.350	+0.063%	$748K	$419K	20x	as long as short
Binance IRENUSDT	+0.0164%	8h	47.329	+0.020%	$3.5M	$6.5M	25x	as long as short
tradeXYZ xyz:IREN	+0.0282%	1h	47.329	+0.019%	$3.2M	$2.1M	10x	as long as short
Phoenix IREN	+0.0321%	1h	47.468	+0.313%	$84	$31K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0520%	8h	47.420	+0.211%	$4K	$234K	10x	as long as short