Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.018%

Price spread now: SunX against Paragon+0.087%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$214as in the Funding arb table

Net, price: spread back to 7d avg − costs−$191as in the Price arb table

costs, in and out, $10k−$1951.954% of the position

Long on Paragon Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 4 days (all we have)−0.441%−$44 · spread now +0.087%, 7d avg +0.040%

Together, before fees−0.624%−$62 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.048% dearer against Paragon than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.040%): +$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 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.399	0.0060	pay 0.0008% / 1h	25m 04s	$609K	$182K	10x
Short	SunX IREN-USDT	47.440	0	get 0.0000% / 8h	5h 25m	$945	$358K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$12.6
Price spread: +0.087% → +0.040%: $4.77
Slippage, 4 orders: −$177.37
Fee Paragon: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$203.19
Costs to cover: 1.954%
Break-even: never at this rate

Slippage from Paragon: live order book, 11 min ago; SunX: live order book, 6 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, 11 min ago	24.26 bp	29.6 bp −$30	38.1 bp −$381	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	48.42 bp	68.6 bp −$69	doesn't fit	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
Aster IRENUSDT	0.0000%	8h	47.525	+0.267%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.457	+0.123%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.420	+0.045%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.400	+0.003%	$646K	$620K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.450	+0.108%	$720K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.409	+0.022%	$2.0M	$429K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.450	+0.109%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.455	+0.120%	$4K	$182K	10x	as long as short
SunX IREN-USDTshort	0.0000%	8h	47.440	+0.087%	$945	$358K	10x
HTX IREN-USDT	0.0000%	8h	47.410	+0.024%	$9K	$779	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0008%	1h	47.360	−0.081%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.440	+0.087%	$1.2M	$1.7M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.477	+0.165%	$69K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.400	+0.003%	$4K	$7K	5x	as long as short
Paragon para:IRENlong	+0.0060%	1h	47.399	long leg	$609K	$182K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.440	+0.087%	$746K	$204K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.446	+0.100%	$88	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0355%	1h	47.433	+0.073%	$3.2M	$1.9M	10x	as long as short