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: HTX against Paragon+0.100%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 HTX

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. HTX is 0.100% dearer against Paragon than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.423	0.0060	pay 0.0008% / 1h	21m 50s	$610K	$182K	10x
Short	HTX IREN-USDT	47.470	0	get 0.0000% / 8h	5h 21m	$9K	$782	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$12.6
Price spread: +0.100% → 0.000%: $10
Slippage, 4 orders: no order book: not counted
Fee Paragon: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$24.6
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Paragon: live order book, 14 min ago; HTX: 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, 14 min ago	24.26 bp	29.6 bp −$30	38.1 bp −$381	doesn't fit	doesn't fit
Sell HTX no order-book sample	—	—	—	—	—

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
Aster IRENUSDT	0.0000%	8h	47.539	+0.246%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.487	+0.135%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.450	+0.058%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.400	−0.048%	$646K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.470	+0.100%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.428	+0.011%	$2.0M	$428K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.450	+0.058%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.455	+0.069%	$4K	$182K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.460	+0.079%	$953	$358K	10x	as long as short
HTX IREN-USDTshort	0.0000%	8h	47.470	+0.100%	$9K	$782	20x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0009%	1h	47.380	−0.090%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.440	+0.037%	$1.2M	$1.7M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.493	+0.148%	$69K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.445	+0.047%	$4K	$7K	5x	as long as short
Paragon para:IRENlong	+0.0060%	1h	47.423	long leg	$610K	$182K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.440	+0.037%	$747K	$206K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.446	+0.049%	$89	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0356%	1h	47.455	+0.068%	$3.2M	$1.9M	10x	as long as short