Funding arb · Price arb /

ICP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0320%/8h= +35.0% APRpaid last 24h +0.150%

Price spread now: Bitget against Deribit−0.027%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Bitget

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

Funding pays, the price is against you. Bitget is 0.027% cheaper against Deribit than usual: you would sell low and buy high (spread −0.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ICP_USDC-PERPETUAL	2.9748	−0.0220	get 0.0028% / 1h	39m 37s	$265	$464	50x
Short	Bitget ICPUSDT	2.9740	0.0100	get 0.0100% / 8h	2h 39m	$6.8M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now −0.027%Rate

Funding earned: $67.2
Price spread: −0.027% → 0.000%: −$2.69
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $45.51
Costs to cover: 0.190%
Break-even: 2.3 days

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 4 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 Deribit no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	5.04 bp	14.6 bp −$15	31.8 bp −$318	doesn't fit	doesn't fit

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
Phemex ICPUSDT	−0.1286%	8h	2.9660	−0.296%	$1.7M	$782K	50x	as long as short
Variational Omni ICP	−0.0267%	8h	2.9715	−0.110%	$1.1M	$119K	—	as long as short
Deribit ICP_USDC-PERPETUALlong	−0.0220%	1h	2.9748	long leg	$265	$464	50x
Injective ICP/USDC PERP	−0.0199%	1h	2.9665	−0.279%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0130%	8h	2.9700	−0.161%	$1.9M	$2.7M	50x	as long as short
Bybit ICPUSDT	−0.0041%	8h	2.9710	−0.128%	$17.1M	$17.6M	75x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9759	+0.038%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9750	+0.007%	$27K	—	150x	as long as short
Lighter ICP	+0.0096%	1h	2.9755	+0.024%	$166K	$442K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9757	+0.031%	$189K	$1.5M	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	2.9737	−0.037%	$135K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9720	−0.095%	$28.9M	$48.6M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9680	−0.229%	$5.8M	$15.5M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9730	−0.061%	$19.5M	$8.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9760	+0.040%	$5.3M	$12.8M	50x	as long as short
Bitget ICPUSDTshort	+0.0100%	8h	2.9740	−0.027%	$6.8M	$4.4M	50x
BingX ICP-USDT	+0.0100%	8h	2.9700	−0.161%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9722	−0.088%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9721	−0.092%	$570K	$481K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9730	−0.061%	$1K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9690	−0.195%	$106K	$218K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9714	−0.113%	$24K	$123K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0148%	1h	2.9760	+0.039%	$495K	$509K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9740	−0.027%	$1.2M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0232%	1h	2.9790	+0.141%	$62K	$88K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9743	−0.018%	$31K	—	100x	as long as short
Hyperliquid ICP	+0.0946%	1h	2.9808	+0.202%	$4.8M	$4.9M	5x	as long as short