Funding arb · Price arb /

IREN

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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: Aster against Paragon+0.271%7-day average — · you sell dearer than you buy

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

Long on Paragon Short on Aster

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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.271% dearer against Paragon than usual: you sell high and buy low (spread +0.271% now, against zero (this spread has no 7-day history yet)): +$27 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.343	0.0060	pay 0.0008% / 1h	48m 05s	$609K	$182K	10x
Short	Aster IRENUSDT	47.471	0	get 0.0000% / 8h	5h 48m	$29K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Paragon. 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 ParagonbpFee AsterbpOrdersPrice spread, now +0.271%Rate

Funding earned: −$12.6
Price spread: +0.271% → 0.000%: $27.08
Slippage, 4 orders: no order book: not counted
Fee Paragon: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$3.52
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Paragon: live order book, 58 min ago; Aster: no order-book sample. 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 Paragon live order book, 58 min ago	19.54 bp	24.6 bp −$25	43.0 bp −$430	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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
Aster IRENUSDTshort	0.0000%	8h	47.471	+0.271%	$29K	$4K	20x
Binance IRENUSDT	0.0000%	8h	47.380	+0.079%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.370	+0.058%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.390	+0.100%	$646K	$621K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.390	+0.100%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.363	+0.043%	$2.0M	$431K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.441	+0.207%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.440	+0.206%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.420	+0.163%	$1K	$356K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.330	−0.027%	$9K	$774	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	+0.0005%	1h	47.290	−0.111%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.370	+0.058%	$1.2M	$1.8M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.335	−0.016%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0056%	1h	47.413	+0.149%	$69K	$96K	10x	as long as short
Paragon para:IRENlong	+0.0060%	1h	47.343	long leg	$609K	$182K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.380	+0.079%	$745K	$198K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.429	+0.182%	$83	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0457%	1h	47.372	+0.062%	$3.2M	$1.9M	10x	as long as short