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: Gate against Paragon+0.095%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

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

Long on Paragon Short on Gate

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)+0.002%$0 · spread now +0.095%, 7d avg +0.058%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.037% dearer against Paragon than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of +0.058%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.007% in total) that is about 38 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	46.725	0.0060	pay 0.0008% / 1h	40m 14s	$601K	$182K	10x
Short	Gate IREN_USDT	46.770	0	get 0.0000% / 8h	1h 40m	$718K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.095%Rate

Funding earned: −$12.6
Price spread: +0.095% → +0.058%: $3.69
Slippage, 4 orders: −$79.36
Fee Paragon: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$113.26
Costs to cover: 1.044%
Break-even: never at this rate

Slippage from Paragon: live order book, 25 min ago; Gate: live order book, 2 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, 25 min ago	21.29 bp	26.8 bp −$27	44.0 bp −$440	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	2.14 bp	29.1 bp −$29	73.2 bp −$732	119.4 bp −$11.9K	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	46.747	+0.046%	$2.1M	$522K	20x	as long as short
Vest IREN-USD-PERP	−0.0007%	1h	46.670	−0.119%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.816	+0.194%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	46.780	+0.117%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.760	+0.074%	$1.2M	$549K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.770	+0.095%	$624K	$688K	25x	as long as short
Gate IREN_USDTshort	0.0000%	8h	46.770	+0.095%	$718K	$1.2M	25x
Variational Omni IREN	0.0000%	8h	46.802	+0.163%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.850	+0.266%	$4K	$214K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.830	+0.224%	$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	+0.010%	$9K	$864	20x	as long as short
QFEX IREN-USD	+0.0032%	1h	46.770	+0.095%	$1.2M	$1.5M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.730	+0.010%	$4K	$7K	5x	as long as short
Paragon para:IRENlong	+0.0060%	1h	46.725	long leg	$601K	$182K	10x
KuCoin IRENUSDTM	+0.0100%	8h	46.770	+0.095%	$735K	$258K	20x	as long as short
tradeXYZ xyz:IREN	+0.0249%	1h	46.763	+0.080%	$3.1M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0320%	1h	46.801	+0.162%	$70K	$96K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.843	+0.251%	$85	$31K	10x	as long as short