Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.078%

Price spread now: Deribit against Bybit+0.098%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.098% dearer against Bybit than usual: you sell high and buy low (spread +0.098% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ICPUSDT	2.9480	0.0081	pay 0.0081% / 8h	7h 39m	$17.1M	$17.8M	75x
Short	Deribit ICP_USDC-PERPETUAL	2.9509	−0.0123	pay 0.0015% / 1h	39m 09s	$192	$439	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$42.8
Price spread: +0.098% → 0.000%: $9.84
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$50.97
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Deribit: 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 Bybit live order book, 4 min ago	1.69 bp	11.7 bp −$12	29.9 bp −$299	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Kraken Futures PF_ICPUSD	−0.0340%	1h	2.9543	+0.213%	$523K	$654K	50x	as long as short
Variational Omni ICP	−0.0159%	8h	2.9450	−0.101%	$1.0M	$135K	—	as long as short
Deribit ICP_USDC-PERPETUALshort	−0.0123%	1h	2.9509	+0.098%	$192	$439	50x
dYdX ICP-USD	0.0000%	1h	2.9530	+0.170%	$69K	$1K	5x	as long as short
Phemex ICPUSDT	+0.0004%	8h	2.9500	+0.068%	$1.8M	$687K	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9523	+0.147%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.628%	$202	$200K	12x	as long as short
Bybit ICPUSDTlong	+0.0081%	8h	2.9480	long leg	$17.1M	$17.8M	75x
Lighter ICP	+0.0096%	1h	2.9520	+0.136%	$137K	$486K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9540	+0.204%	$4.5M	$4.6M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ICPUSDT	+0.0100%	8h	2.9521	+0.139%	$277K	$1.0M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9540	+0.205%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9490	+0.034%	$28.8M	$48.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9490	+0.034%	$5.7M	$14.1M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9500	+0.068%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9510	+0.102%	$19.4M	$9.8M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9510	+0.102%	$4.9M	$11.4M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9510	+0.102%	$7.0M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9490	+0.034%	—	$5.6M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9487	+0.024%	$23K	$278K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9539	+0.201%	$573K	$577K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9520	+0.136%	$2K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9520	+0.136%	$103K	$115K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9517	+0.125%	$22K	$233K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9520	+0.136%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0416%	1h	2.9750	+0.916%	$58K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0456% / S −0.0403%	1h	2.9509	+0.098%	$33K	—	100x	as long as short