Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0123%/8h= +13.5% APRpaid last 24h −0.082%

Price spread now: Kraken Futures against Binance+0.092%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$800.795% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.389%−$39 on $10k

Price spread, last 3 days (all we have)−0.247%−$25 · spread now +0.092%, 7d avg +0.058%

Together, before fees−0.636%−$64 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kraken Futures is 0.034% dearer against Binance than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.058%. Mind the row above: over the last 7 days funding on this pair cost −0.389%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ICPUSDT	2.9936	0.0100	pay 0.0100% / 8h	1h 34m	$29.8M	$49.8M	75x
Short	Kraken Futures PF_ICPUSD	2.9963	0.0223	get 0.0028% / 1h	34m 19s	$488K	$526K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.092%Rate

Funding earned: $25.86
Price spread: +0.092% → +0.058%: $3.44
Slippage, 4 orders: −$59.54
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$50.25
Costs to cover: 0.795%
Break-even: 20.6 days

Slippage from Binance: live order book, 8 min ago; Kraken Futures: live order book, 49 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 Binance live order book, 8 min ago	1.67 bp	7.2 bp −$7	18.7 bp −$187	320.6 bp −$32.1K	doesn't fit
Sell Kraken Futures live order book, 49 min ago	8.36 bp	24.1 bp −$24	229.3 bp −$2,293	doesn't fit	doesn't fit

ICP on 27 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
Phemex ICPUSDT	−0.1332%	8h	2.9790	−0.487%	$1.7M	$775K	50x	as long as short
Variational Omni ICP	−0.0182%	8h	2.9972	+0.120%	$1.1M	$121K	—	as long as short
Injective ICP/USDC PERP	−0.0152%	1h	2.9665	−0.904%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0096%	8h	2.9920	−0.052%	$1.9M	$2.8M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9968	+0.108%	$70K	$4K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9959	+0.078%	$267	$464	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9946	+0.034%	$27K	—	150x	as long as short
Bybit ICPUSDT	+0.0088%	8h	2.9920	−0.052%	$17.4M	$17.9M	75x	as long as short
Lighter ICP	+0.0096%	1h	2.9985	+0.165%	$166K	$442K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9956	+0.067%	$186K	$1.4M	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ICP	+0.0100%	1h	2.9957	+0.070%	$136K	$11K	5x	as long as short
Binance ICPUSDTlong	+0.0100%	8h	2.9936	long leg	$29.8M	$49.8M	75x
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9930	−0.019%	$5.9M	$16.0M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9930	−0.019%	$18.9M	$8.6M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9940	+0.015%	$5.1M	$13.0M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9950	+0.048%	$6.9M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9930	−0.019%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9975	+0.131%	$23K	$278K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9979	+0.143%	$573K	$469K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9950	+0.048%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9930	−0.019%	$107K	$219K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9938	+0.006%	$25K	$124K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9970	+0.115%	$1.2M	$2.3M	75x	as long as short
Kraken Futures PF_ICPUSDshort	+0.0223%	1h	2.9963	+0.092%	$488K	$526K	50x
Coinbase International ICP-PERP-INTX	+0.0240%	1h	2.9930	−0.019%	$63K	$91K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0504% / S −0.0480%	1h	2.9936	+0.002%	$37K	—	100x	as long as short
Hyperliquid ICP	+0.0671%	1h	2.9978	+0.141%	$4.8M	$5.0M	5x	as long as short