Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.044%

Price spread now: Paragon against Gate−0.074%49s7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1041.044% of the position

Long on Gate Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.074%, 7d avg −0.058%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.058%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IREN_USDT	46.760	0	get 0.0000% / 8h	1h 39m	$718K	$1.2M	25x
Short	Paragon para:IREN	46.725	0.0060	get 0.0008% / 1h	39m 50s	$601K	$182K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Gate. 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 GatebpFee ParagonbpOrdersPrice spread, now −0.074%Rate

Funding earned: $12.6
Price spread: −0.074% → −0.058%: −$1.55
Slippage, 4 orders: −$79.36
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$93.3
Costs to cover: 1.044%
Break-even: 58.8 days

Slippage from Gate: live order book, 2 min ago; Paragon: live order book, 26 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 Gate live order book, 2 min ago	2.14 bp	22.2 bp −$22	46.0 bp −$460	73.5 bp −$7,354	doesn't fit
Sell Paragon live order book, 26 min ago	21.29 bp	26.3 bp −$26	51.0 bp −$510	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	−0.0326%	8h	46.728	−0.068%	$2.1M	$522K	20x	as long as short
Vest IREN-USD-PERP	−0.0007%	1h	46.670	−0.192%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.789	+0.061%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.755	−0.011%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.740	−0.043%	$1.2M	$550K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	+0.021%	$624K	$688K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	46.760	long leg	$718K	$1.2M	25x
Variational Omni IREN	0.0000%	8h	46.802	+0.089%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.850	+0.192%	$4K	$214K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.830	+0.150%	$863	$343K	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	46.730	−0.064%	$9K	$864	20x	as long as short
QFEX IREN-USD	+0.0032%	1h	46.770	+0.021%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.685	−0.160%	$4K	$7K	5x	as long as short
Paragon para:IRENshort	+0.0060%	1h	46.725	−0.074%	$601K	$182K	10x
KuCoin IRENUSDTM	+0.0100%	8h	46.760	0.000%	$735K	$258K	20x	as long as short
tradeXYZ xyz:IREN	+0.0247%	1h	46.763	+0.006%	$3.1M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0320%	1h	46.801	+0.088%	$70K	$96K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.843	+0.178%	$85	$31K	10x	as long as short