Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.018%

Price spread now: Paragon against OKX−0.078%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1021.016% of the position

Long on OKX Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.078%, 7d avg −0.047%

Together, before fees+0.168%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paragon is 0.031% cheaper against OKX than usual: you would sell low and buy high (spread −0.078% now, against its 7-day average of −0.047%). If the spread goes back, that is −$3 on $10k: about 41 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	46.770	0	get 0.0000% / 8h	3m 34s	$625K	$656K	25x
Short	Paragon para:IREN	46.734	0.0060	get 0.0008% / 1h	3m 34s	$601K	$177K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against OKX. 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 OKXbpFee ParagonbpOrdersPrice spread, now −0.078%Rate

Funding earned: $12.6
Price spread: −0.078% → −0.047%: −$3.11
Slippage, 4 orders: −$81.57
Fee OKX: 5 bp × 2 orders: −$10
Fee Paragon: 5 bp × 2 orders: −$10
Net: −$92.08
Costs to cover: 1.016%
Break-even: 58.2 days

Slippage from OKX: live order book, 32 min ago; Paragon: live order book, 52 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 OKX live order book, 32 min ago	4.27 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Paragon live order book, 52 min ago	24.08 bp	29.4 bp −$29	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
Bitget IRENUSDT	−0.0182%	8h	46.741	−0.062%	$2.1M	$545K	20x	as long as short
Vest IREN-USD-PERP	−0.0004%	1h	46.650	−0.257%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.840	+0.150%	$24K	$9K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.787	+0.037%	$3.5M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.750	−0.043%	$1.2M	$553K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	46.770	long leg	$625K	$656K	25x
Gate IREN_USDT	0.0000%	8h	46.770	0.000%	$819K	$1.3M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.764	−0.013%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.766	−0.008%	$4K	$222K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.760	−0.021%	$943	$331K	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	46.740	−0.064%	$9K	$878	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.705	−0.139%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.770	0.000%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENshort	+0.0060%	1h	46.734	−0.078%	$601K	$177K	10x
KuCoin IRENUSDTM	+0.0100%	8h	46.780	+0.021%	$736K	$279K	20x	as long as short
Lighter RH IREN	+0.0216%	1h	46.806	+0.077%	$70K	$98K	10x	as long as short
tradeXYZ xyz:IREN	+0.0228%	1h	46.750	−0.043%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.752	−0.038%	$82	$31K	10x	as long as short