Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Paragon+0.008%7-day average +0.052% · you sell dearer than you buy

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

Long on Paragon Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now +0.008%, 7d avg +0.052%

Together, before fees+0.023%+ Points / potential airdropVariational Omni: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.044% cheaper against Paragon than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.052%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:IREN	47.270	0.0071	pay 0.0009% / 1h	26m 35s	$608K	$176K	10x
Short	Variational Omni IREN	47.274	0.0018	get 0.0018% / 8h	5h 26m	$184K	$100K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Paragon. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.008%Rate

Funding earned: −$11.1
Price spread: +0.008% → +0.052%: −$4.42
Slippage, 4 orders: no order book: not counted
Fee Paragon: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$25.52
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Paragon: live order book, 12 min ago; Variational Omni: RFQ quote, 20 min ago. 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, 12 min ago	28.76 bp	33.9 bp −$34	59.6 bp −$596	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 20 min ago	3.50 bp	doesn't fit	58.0 bp −$580	doesn't fit	doesn't fit

IREN on 18 exchanges

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	47.322	+0.111%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.300	+0.063%	$1.2M	$561K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.330	+0.127%	$638K	$680K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.310	+0.085%	$814K	$1.4M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.284	+0.030%	$2.1M	$647K	20x	as long as short
SunX IREN-USDT	0.0000%	8h	47.270	0.000%	$1K	$304K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.270	0.000%	$9K	$873	20x	as long as short
Vest IREN-USD-PERP	+0.0011%	1h	47.240	−0.063%	—	$15K	10x	as long as short
Variational Omni IRENshort	+0.0018%	8h	47.274	+0.008%	$184K	$100K	—
Lighter RH IREN	+0.0032%	1h	47.358	+0.186%	$72K	$97K	10x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IREN_24_5-USD	+0.0040%	1h	47.240	−0.063%	$4K	$4K	5x	as long as short
QFEX IREN-USD	+0.0049%	1h	47.290	+0.042%	$1.2M	$1.5M	10x	as long as short
Paragon para:IRENlong	+0.0071%	1h	47.270	long leg	$608K	$176K	10x
KuCoin IRENUSDTM	+0.0100%	8h	47.320	+0.106%	$748K	$434K	20x	as long as short
Binance IRENUSDT	+0.0131%	8h	47.320	+0.106%	$3.5M	$6.4M	25x	as long as short
tradeXYZ xyz:IREN	+0.0275%	1h	47.287	+0.036%	$3.2M	$2.1M	10x	as long as short
Phoenix IREN	+0.0321%	1h	47.314	+0.093%	$84	$31K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0324%	8h	47.287	+0.036%	$4K	$236K	10x	as long as short