Funding arb · Price arb /

IREN

RWAall IREN markets

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 Bybit0.000%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$910.910% of the position

Long on Bybit Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now 0.000%, 7d avg −0.023%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paragon is 0.023% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	47.680	0	get 0.0000% / 8h	7h 45m	$1.2M	$471K	25x
Short	Paragon para:IREN	47.680	0.0060	get 0.0008% / 1h	45m 34s	$641K	$146K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Bybit. 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 BybitbpFee ParagonbpOrdersPrice spread, now 0.000%Rate

Funding earned: $12.6
Price spread: 0.000% → −0.023%: $2.3
Slippage, 4 orders: −$69.99
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$76.1
Costs to cover: 0.910%
Break-even: 49.3 days

Slippage from Bybit: live order book, 5 min ago; Paragon: live order book, 10 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 Bybit live order book, 5 min ago	2.10 bp	13.6 bp −$14	101.7 bp −$1,017	doesn't fit	doesn't fit
Sell Paragon live order book, 10 min ago	18.26 bp	23.3 bp −$23	42.8 bp −$428	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	47.797	+0.246%	$29K	$4K	20x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.680	long leg	$1.2M	$471K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.720	+0.084%	$660K	$643K	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.675	−0.010%	$2.0M	$442K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.763	+0.173%	$209K	$85K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.680	0.000%	$933	$367K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.740	+0.126%	$9K	$728	20x	as long as short
Vest IREN-USD-PERP	+0.0002%	1h	47.640	−0.084%	—	$15K	10x	as long as short
Binance IRENUSDT	+0.0038%	8h	47.730	+0.105%	$3.5M	$6.3M	25x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.685	+0.010%	$4K	$8K	5x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0045%	1h	47.710	+0.063%	$1.2M	$2.1M	10x	as long as short
Lighter RH IREN	+0.0056%	1h	47.756	+0.159%	$68K	$108K	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	47.680	0.000%	$641K	$146K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.710	+0.063%	$751K	$157K	20x	as long as short
Gate IREN_USDT	+0.0303%	8h	47.720	+0.084%	$747K	$1.2M	25x	as long as short
Phoenix IREN	+0.0337%	1h	47.762	+0.172%	$84	$35K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0606%	8h	47.740	+0.126%	$5K	$185K	10x	as long as short
tradeXYZ xyz:IREN	+0.0719%	1h	47.729	+0.103%	$3.2M	$1.9M	10x	as long as short