Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0140%/8h= +15.3% APRpaid last 24h +0.008%

Price spread now: Coinbase International against Bitget−0.463%47s7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.360%+$36 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Coinbase International is 0.463% cheaper against Bitget than usual: you would sell low and buy high (spread −0.463% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$46 on $10k: about 11 days of funding at the current rate (+$4 a day). The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ICPUSDT	3.0270	0.0100	pay 0.0100% / 8h	58m 31s	$6.9M	$4.5M	50x
Short	Coinbase International ICP-PERP-INTX	3.0130	0.0240	get 0.0030% / 1h	58m 31s	$63K	$89K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.463%Rate

Funding earned: $29.4
Price spread: −0.463% → 0.000%: −$46.25
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$38.85
Costs to cover: 0.220%
Break-even: 16.3 days

Slippage unknown: Bitget: live order book, 5 min ago; Coinbase International: no order-book sample. 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 Bitget live order book, 5 min ago	3.33 bp	12.2 bp −$12	26.0 bp −$260	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1500%	8h	2.9940	−1.090%	$1.7M	$767K	50x	as long as short
Variational Omni ICP	−0.0145%	8h	3.0011	−0.856%	$1.1M	$107K	—	as long as short
Gate ICP_USDT	−0.0030%	8h	3.0170	−0.330%	$2.0M	$2.8M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	3.0170	−0.329%	$70K	$4K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	3.0150	−0.396%	$269	$464	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	3.0140	−0.429%	$27K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−1.999%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	3.0197	−0.241%	$160K	$450K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	3.0206	−0.213%	$195K	$1.4M	20x	as long as short
Pacifica ICP	+0.0100%	1h	3.0165	−0.345%	$137K	$11K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ICPUSDT	+0.0100%	8h	3.0231	−0.130%	$29.9M	$50.4M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	3.0260	−0.033%	$17.6M	$18.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	3.0270	0.000%	$6.0M	$16.3M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	3.0230	−0.132%	$19.8M	$8.8M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	3.0140	−0.429%	$5.1M	$12.9M	50x	as long as short
Bitget ICPUSDTlong	+0.0100%	8h	3.0270	long leg	$6.9M	$4.5M	50x
BingX ICP-USDT	+0.0100%	8h	3.0220	−0.165%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	3.0026	−0.806%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	3.0029	−0.795%	$575K	$435K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	3.0140	−0.429%	$1K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	3.0090	−0.595%	$107K	$220K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	3.0187	−0.273%	$25K	$118K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0172%	1h	3.0165	−0.348%	$490K	$529K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	3.0160	−0.363%	$1.2M	$2.3M	75x	as long as short
Coinbase International ICP-PERP-INTXshort	+0.0240%	1h	3.0130	−0.463%	$63K	$89K	50x
Hyperliquid ICP	+0.0501%	1h	3.0298	+0.093%	$4.8M	$5.0M	5x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0507% / S −0.0480%	1h	3.0142	−0.423%	$37K	—	100x	as long as short