Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h +0.018%

Price spread now: Paragon against HTX+0.137%7-day average — · you sell dearer than you buy

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

Long on HTX Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Paragon is 0.137% dearer against HTX than usual: you sell high and buy low (spread +0.137% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX IREN-USDT	46.270	0	get 0.0000% / 8h	7h 35m	$9K	$876	20x
Short	Paragon para:IREN	46.333	−0.0111	pay 0.0014% / 1h	35m 12s	$596K	$177K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against HTX. 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 HTXbpFee ParagonbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$23.26
Price spread: +0.137% → 0.000%: $13.68
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$31.57
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: HTX: no order-book sample; Paragon: live order book, 10 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 HTX no order-book sample	—	—	—	—	—
Sell Paragon live order book, 10 min ago	24.78 bp	30.1 bp −$30	58.7 bp −$587	doesn't fit	doesn't fit

HTX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0127%	8h	46.282	+0.026%	$2.1M	$650K	20x	as long as short
Paragon para:IRENshort	−0.0111%	1h	46.333	+0.137%	$596K	$177K	10x
Vest IREN-USD-PERP	−0.0016%	1h	46.230	−0.086%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.340	+0.152%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.320	+0.108%	$3.5M	$6.3M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.280	+0.022%	$1.2M	$569K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.320	+0.108%	$620K	$648K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.310	+0.086%	$812K	$1.3M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.347	+0.167%	$181K	$101K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.447	+0.383%	$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	46.420	+0.324%	$1K	$327K	10x	as long as short
HTX IREN-USDTlong	0.0000%	8h	46.270	long leg	$9K	$876	20x
Extended IREN_24_5-USD	+0.0040%	1h	46.288	+0.039%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0068%	1h	46.340	+0.151%	$1.2M	$1.5M	10x	as long as short
Lighter RH IREN	+0.0072%	1h	46.355	+0.184%	$69K	$98K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.350	+0.173%	$732K	$307K	20x	as long as short
tradeXYZ xyz:IREN	+0.0205%	1h	46.303	+0.071%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0342%	1h	46.387	+0.253%	$82	$31K	10x	as long as short