Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.018%

Price spread now: Paragon against SunX−0.084%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$192as in the Price arb table

costs, in and out, $10k−$1871.874% of the position

Long on SunX Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 4 days (all we have)+0.239%+$24 · spread now −0.084%, 7d avg −0.040%

Together, before fees+0.420%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paragon is 0.044% cheaper against SunX than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of −0.040%). If the spread goes back, that is −$4 on $10k: about 2.4 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX IREN-USDT	47.610	0	get 0.0000% / 8h	4h 10m	$715	$357K	10x
Short	Paragon para:IREN	47.570	0.0060	get 0.0008% / 1h	10m 49s	$612K	$182K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against SunX. 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 SunXbpFee ParagonbpOrdersPrice spread, now −0.084%Rate

Funding earned: $12.6
Price spread: −0.084% → −0.040%: −$4.39
Slippage, 4 orders: −$169.38
Fee SunX: 4 bp × 2 orders: −$8
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$179.16
Costs to cover: 1.874%
Break-even: 106.5 days

Slippage from SunX: live order book, 10 min ago; Paragon: live order book, 15 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 SunX live order book, 10 min ago	48.30 bp	66.3 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell Paragon live order book, 15 min ago	21.97 bp	27.0 bp −$27	45.7 bp −$457	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
Aster IRENUSDT	0.0000%	8h	47.632	+0.047%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.610	0.000%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.580	−0.063%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.670	+0.126%	$649K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.600	−0.021%	$726K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.551	−0.124%	$2.0M	$417K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.606	−0.008%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.610	0.000%	$5K	$193K	10x	as long as short
SunX IREN-USDTlong	0.0000%	8h	47.610	long leg	$715	$357K	10x
HTX IREN-USDT	0.0000%	8h	47.570	−0.084%	$9K	$805	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	+0.0018%	1h	47.520	−0.189%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.631	+0.044%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.585	−0.053%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0044%	1h	47.600	−0.021%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.570	−0.084%	$612K	$182K	10x
tradeXYZ xyz:IREN	+0.0089%	1h	47.600	−0.021%	$3.2M	$1.9M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.600	−0.021%	$749K	$219K	20x	as long as short
Phoenix IREN	+0.0421%	1h	47.612	+0.004%	$84	$31K	10x	as long as short