Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.018%

Price spread now: Bybit against Paragon0.000%53s7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1301.295% of the position

Long on Paragon Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now 0.000%, 7d avg +0.029%

Together, before fees−0.020%−$2 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 Bybit is 0.029% cheaper against Paragon than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.029%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.210	0.0060	pay 0.0008% / 1h	54m 51s	$607K	$176K	10x
Short	Bybit IRENUSDT	47.210	0	get 0.0000% / 8h	4h 54m	$1.2M	$554K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$12.6
Price spread: 0.000% → +0.029%: −$2.88
Slippage, 4 orders: −$108.55
Fee Paragon: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$145.03
Costs to cover: 1.295%
Break-even: never at this rate

Slippage from Paragon: live order book, 44 min ago; Bybit: live order book, 4 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 Paragon live order book, 44 min ago	28.76 bp	33.9 bp −$34	59.6 bp −$596	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.12 bp	27.0 bp −$27	94.3 bp −$943	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	47.260	+0.105%	$24K	$9K	20x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.210	0.000%	$1.2M	$554K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.270	+0.127%	$638K	$673K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.230	+0.043%	$810K	$1.3M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.221	+0.024%	$2.1M	$648K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.262	+0.111%	$184K	$98K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.270	+0.127%	$1K	$296K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.210	0.000%	$9K	$869	20x	as long as short
Vest IREN-USD-PERP	+0.0015%	1h	47.170	−0.085%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.254	+0.093%	$72K	$97K	10x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0035%	1h	47.220	+0.021%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.200	−0.021%	$4K	$4K	5x	as long as short
Paragon para:IRENlong	+0.0060%	1h	47.210	long leg	$607K	$176K	10x
Binance IRENUSDT	+0.0089%	8h	47.251	+0.088%	$3.5M	$6.3M	25x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.240	+0.064%	$747K	$460K	20x	as long as short
GRVT IREN_USDT_Perp	+0.0124%	8h	47.293	+0.175%	$5K	$242K	10x	as long as short
tradeXYZ xyz:IREN	+0.0151%	1h	47.205	−0.010%	$3.2M	$2.0M	10x	as long as short
Phoenix IREN	+0.0321%	1h	47.298	+0.187%	$87	$31K	10x	as long as short