Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.012%

Price spread now: KuCoin against Paragon+0.089%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1341.338% of the position

Long on Paragon Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.089%, 7d avg +0.057%

Together, before fees+0.196%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 0.031% dearer against Paragon than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	46.809	0.0060	pay 0.0008% / 1h	30m 51s	$602K	$177K	10x
Short	KuCoin IRENUSDTM	46.850	0.0100	get 0.0100% / 8h	30m 51s	$736K	$264K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.089%Rate

Funding earned: $8.4
Price spread: +0.089% → +0.057%: $3.15
Slippage, 4 orders: −$111.85
Fee Paragon: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$122.3
Costs to cover: 1.338%
Break-even: 108.9 days

Slippage from Paragon: live order book, 25 min ago; KuCoin: live order book, 33 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, 25 min ago	24.08 bp	29.2 bp −$29	41.7 bp −$417	doesn't fit	doesn't fit
Sell KuCoin live order book, 33 min ago	7.48 bp	37.4 bp −$37	doesn't fit	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
Bitget IRENUSDT	−0.0228%	8h	46.822	+0.029%	$2.1M	$538K	20x	as long as short
Vest IREN-USD-PERP	0.0000%	1h	46.750	−0.125%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.879	+0.150%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.870	+0.131%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.830	+0.046%	$1.2M	$552K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.870	+0.131%	$626K	$689K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.880	+0.153%	$753K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.861	+0.113%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.885	+0.164%	$5K	$219K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.880	+0.153%	$1K	$334K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.820	+0.025%	$9K	$880	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.810	+0.003%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.820	+0.025%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENlong	+0.0060%	1h	46.809	long leg	$602K	$177K	10x
Lighter RH IREN	+0.0088%	1h	46.876	+0.144%	$70K	$97K	10x	as long as short
KuCoin IRENUSDTMshort	+0.0100%	8h	46.850	+0.089%	$736K	$264K	20x
tradeXYZ xyz:IREN	+0.0155%	1h	46.836	+0.059%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.861	+0.112%	$82	$31K	10x	as long as short