Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.018%

Price spread now: SunX against Paragon+0.128%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$210as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1931.928% of the position

Long on Paragon Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.175%−$18 on $10k

Price spread, last 4 days (all we have)−0.186%−$19 · spread now +0.128%, 7d avg +0.043%

Together, before fees−0.361%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.085% dearer against Paragon than usual: you sell high and buy low (spread +0.128% now, against its 7-day average of +0.043%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	46.990	0.0060	pay 0.0008% / 1h	7m 17s	$604K	$182K	10x
Short	SunX IREN-USDT	47.050	0	get 0.0000% / 8h	2h 07m	$973	$346K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$12.6
Price spread: +0.128% → +0.043%: $8.46
Slippage, 4 orders: −$174.77
Fee Paragon: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$196.9
Costs to cover: 1.928%
Break-even: never at this rate

Slippage from Paragon: live order book, 68 min ago; SunX: live order book, 64 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, 68 min ago	25.31 bp	31.5 bp −$32	42.4 bp −$424	doesn't fit	doesn't fit
Sell SunX live order book, 64 min ago	46.66 bp	65.8 bp −$66	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	−0.0375%	8h	46.992	+0.004%	$2.1M	$520K	20x	as long as short
Vest IREN-USD-PERP	−0.0009%	1h	46.910	−0.170%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.028	+0.082%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.030	+0.085%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.030	+0.085%	$1.2M	$553K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.030	+0.085%	$627K	$692K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.030	+0.085%	$720K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.977	−0.028%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.985	−0.011%	$5K	$210K	10x	as long as short
SunX IREN-USDTshort	0.0000%	8h	47.050	+0.128%	$973	$346K	10x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	46.980	−0.021%	$9K	$850	20x	as long as short
Lighter RH IREN	+0.0040%	1h	47.054	+0.136%	$70K	$98K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.985	−0.011%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	47.030	+0.085%	$1.2M	$1.6M	10x	as long as short
Paragon para:IRENlong	+0.0060%	1h	46.990	long leg	$604K	$182K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.010	+0.043%	$740K	$251K	20x	as long as short
tradeXYZ xyz:IREN	+0.0198%	1h	47.015	+0.053%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0340%	1h	46.963	−0.057%	$85	$31K	10x	as long as short