Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0060%/8hpaid last 24h −0.158%

Price spread now: Aster against Paragon+0.070%7-day average — · you sell dearer than you buy

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

Long on Paragon Short on Aster

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

The price spread pays, funding is against you. Aster is 0.070% dearer against Paragon than usual: you sell high and buy low (spread +0.070% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.858	0.0060	pay 0.0008% / 1h	23m 07s	$629K	$146K	10x
Short	Aster IRENUSDT	47.892	0	get 0.0000% / 8h	4h 23m	$28K	$3K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Paragon. 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 ParagonbpFee AsterbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$12.6
Price spread: +0.070% → 0.000%: $7
Slippage, 4 orders: no order book: not counted
Fee Paragon: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$23.6
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Paragon: live order book, 21 min ago; Aster: no order-book sample. 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 Paragon live order book, 21 min ago	13.94 bp	21.7 bp −$22	38.3 bp −$383	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

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 IRENUSDTshort	0.0000%	8h	47.892	+0.070%	$28K	$3K	20x
Binance IRENUSDT	0.0000%	8h	47.908	+0.103%	$3.5M	$6.5M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.880	+0.045%	$1.2M	$479K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.900	+0.087%	$667K	$660K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.880	+0.045%	$716K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.867	+0.018%	$2.0M	$495K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.855	−0.007%	$189K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.951	+0.195%	$4K	$192K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.920	+0.129%	$1K	$387K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.870	+0.024%	$9K	$632	20x	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	+0.0031%	1h	47.880	+0.045%	$1.2M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.954	+0.200%	$68K	$108K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.863	+0.010%	$4K	$6K	5x	as long as short
Vest IREN-USD-PERP	+0.0045%	1h	47.820	−0.080%	—	$9K	10x	as long as short
Paragon para:IRENlong	+0.0060%	1h	47.858	long leg	$629K	$146K	10x
tradeXYZ xyz:IREN	+0.0075%	1h	47.893	+0.073%	$3.2M	$1.8M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.910	+0.108%	$747K	$137K	20x	as long as short
Phoenix IREN	+0.0347%	1h	47.944	+0.179%	$87	$38K	10x	as long as short