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 −0.017%

Price spread now: Binance against Paragon+0.144%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$850.852% of the position

Long on Paragon Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 4 days (all we have)+0.947%+$95 · spread now +0.144%, 7d avg +0.099%

Together, before fees+0.883%+$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.045% dearer against Paragon than usual: you sell high and buy low (spread +0.144% now, against its 7-day average of +0.099%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	46.809	0.0060	pay 0.0008% / 1h	33m 44s	$602K	$177K	10x
Short	Binance IRENUSDT	46.877	0	get 0.0000% / 8h	33m 44s	$3.5M	$6.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.144%Rate

Funding earned: −$12.6
Price spread: +0.144% → +0.099%: $4.52
Slippage, 4 orders: −$65.22
Fee Paragon: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$93.3
Costs to cover: 0.852%
Break-even: never at this rate

Slippage from Paragon: live order book, 22 min ago; Binance: live order book, 5 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 Paragon live order book, 22 min ago	24.08 bp	29.2 bp −$29	41.7 bp −$417	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	2.13 bp	11.9 bp −$12	39.4 bp −$394	306.1 bp −$30.6K	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	−0.0233%	8h	46.826	+0.036%	$2.1M	$538K	20x	as long as short
Vest IREN-USD-PERP	−0.0001%	1h	46.760	−0.105%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.895	+0.183%	$24K	$9K	20x	as long as short
Binance IRENUSDTshort	0.0000%	8h	46.877	+0.144%	$3.5M	$6.2M	25x
Bybit IRENUSDT	0.0000%	8h	46.830	+0.045%	$1.2M	$552K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.870	+0.130%	$626K	$689K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.900	+0.194%	$754K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.861	+0.111%	$191K	$92K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.889	+0.172%	$5K	$219K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.860	+0.109%	$1K	$335K	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	46.840	+0.066%	$9K	$877	20x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.815	+0.013%	$4K	$7K	5x	as long as short
QFEX IREN-USD	+0.0043%	1h	46.850	+0.087%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENlong	+0.0060%	1h	46.809	long leg	$602K	$177K	10x
Lighter RH IREN	+0.0088%	1h	46.888	+0.169%	$70K	$97K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.870	+0.130%	$737K	$264K	20x	as long as short
tradeXYZ xyz:IREN	+0.0151%	1h	46.842	+0.070%	$3.1M	$2.0M	10x	as long as short
Phoenix IREN	+0.0308%	1h	46.826	+0.036%	$88	$31K	10x	as long as short