Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0262%/8h= +28.7% APRpaid last 24h +0.017%

Price spread now: Paragon against OKX−0.021%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$800.802% of the position

Long on OKX Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.021%, 7d avg −0.042%

Together, before fees+0.137%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Paragon is 0.021% dearer against OKX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.042%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.121% in total (about 6.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	47.560	0	get 0.0000% / 8h	6h 59m	$658K	$632K	25x
Short	Paragon para:IREN	47.550	0.0262	get 0.0033% / 1h	59m 37s	$639K	$146K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against OKX. 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 OKXbpFee ParagonbpOrdersPrice spread, now −0.021%Rate

Funding earned: $55.08
Price spread: −0.021% → −0.042%: $2.09
Slippage, 4 orders: −$60.18
Fee OKX: 5 bp × 2 orders: −$10
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$23.01
Costs to cover: 0.802%
Break-even: 9.9 days

Slippage from OKX: live order book, 6 min ago; Paragon: live order book, 56 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 OKX live order book, 6 min ago	4.20 bp	15.8 bp −$16	1173.7 bp −$11.7K	doesn't fit	doesn't fit
Sell Paragon live order book, 56 min ago	18.26 bp	23.3 bp −$23	42.8 bp −$428	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	47.733	+0.364%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.580	+0.042%	$1.2M	$526K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.560	long leg	$658K	$632K	25x
Gate IREN_USDT	0.0000%	8h	47.580	+0.042%	$737K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.560	0.000%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.602	+0.088%	$210K	$87K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.640	+0.168%	$967	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.580	+0.042%	$9K	$746	20x	as long as short
Vest IREN-USD-PERP	+0.0002%	1h	47.530	−0.063%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.619	+0.124%	$68K	$96K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.560	0.000%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.600	+0.084%	$1.2M	$1.9M	10x	as long as short
Binance IRENUSDT	+0.0067%	8h	47.580	+0.042%	$3.5M	$6.2M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.610	+0.105%	$748K	$170K	20x	as long as short
GRVT IREN_USDT_Perp	+0.0105%	8h	47.631	+0.148%	$5K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0137%	1h	47.578	+0.038%	$3.2M	$1.9M	10x	as long as short
Paragon para:IRENshort	+0.0262%	1h	47.550	−0.021%	$639K	$146K	10x
Phoenix IREN	+0.0337%	1h	47.619	+0.124%	$83	$35K	10x	as long as short