Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.017%

Price spread now: Paragon against Aster−0.121%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Paragon

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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Paragon is 0.121% cheaper against Aster than usual: you would sell low and buy high (spread −0.121% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 6.7 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	Aster IRENUSDT	47.751	0	get 0.0000% / 8h	7h 47m	$29K	$4K	20x
Short	Paragon para:IREN	47.693	0.0060	get 0.0008% / 1h	47m 52s	$641K	$146K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Aster. 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 AsterbpFee ParagonbpOrdersPrice spread, now −0.121%Rate

Funding earned: $12.6
Price spread: −0.121% → 0.000%: −$12.14
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$17.54
Costs to cover: 0.180%
Break-even: 16.7 days

Slippage unknown: Aster: no order-book sample; Paragon: live order book, 8 min ago. 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 Aster no order-book sample	—	—	—	—	—
Sell Paragon live order book, 8 min ago	18.26 bp	23.3 bp −$23	42.8 bp −$428	doesn't fit	doesn't fit

Aster: 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 IRENUSDTlong	0.0000%	8h	47.751	long leg	$29K	$4K	20x
Bybit IRENUSDT	0.0000%	8h	47.740	−0.022%	$1.2M	$473K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.760	+0.020%	$662K	$642K	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.726	−0.052%	$2.0M	$442K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.693	−0.122%	$208K	$85K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.680	−0.148%	$933	$367K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.740	−0.022%	$9K	$729	20x	as long as short
Vest IREN-USD-PERP	+0.0002%	1h	47.660	−0.190%	—	$15K	10x	as long as short
Binance IRENUSDT	+0.0029%	8h	47.758	+0.016%	$3.5M	$6.3M	25x	as long as short
Lighter RH IREN	+0.0040%	1h	47.791	+0.084%	$68K	$108K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.700	−0.106%	$4K	$8K	5x	as long as short
QFEX IREN-USD	+0.0045%	1h	47.750	−0.001%	$1.2M	$2.1M	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.693	−0.121%	$641K	$146K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.700	−0.106%	$751K	$157K	20x	as long as short
Gate IREN_USDT	+0.0288%	8h	47.750	−0.001%	$749K	$1.2M	25x	as long as short
GRVT IREN_USDT_Perp	+0.0327%	8h	47.700	−0.106%	$4K	$186K	10x	as long as short
Phoenix IREN	+0.0337%	1h	47.689	−0.129%	$88	$35K	10x	as long as short
tradeXYZ xyz:IREN	+0.0771%	1h	47.754	+0.007%	$3.2M	$1.9M	10x	as long as short