Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.109%

Price spread now: OKX against Deribit−0.116%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 OKX

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. OKX is 0.116% cheaper against Deribit than usual: you would sell low and buy high (spread −0.116% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 3.9 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ICP_USDC-PERPETUAL	2.9374	0	get 0.0000% / 1h	18m 09s	$191	$439	50x
Short	OKX ICP-USDT-SWAP	2.9340	0.0100	get 0.0100% / 8h	2h 18m	$5.6M	$14.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.116%Rate

Funding earned: $21
Price spread: −0.116% → 0.000%: −$11.57
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$7.57
Costs to cover: 0.170%
Break-even: 9.5 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	1.71 bp	13.2 bp −$13	38.9 bp −$389	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
Kraken Futures PF_ICPUSD	−0.0068%	1h	2.9397	+0.078%	$522K	$688K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9330	−0.151%	$68K	$3K	5x	as long as short
Deribit ICP_USDC-PERPETUALlong	0.0000%	1h	2.9374	long leg	$191	$439	50x
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9374	−0.001%	$10K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.991%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0053%	8h	2.9230	−0.491%	$1.0M	$133K	—	as long as short
Phemex ICPUSDT	+0.0087%	8h	2.9340	−0.116%	$1.7M	$668K	50x	as long as short
Lighter ICP	+0.0096%	1h	2.9381	+0.024%	$141K	$494K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9402	+0.095%	$4.5M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9367	−0.024%	$263K	$1.3M	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	2.9345	−0.099%	$133K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9367	−0.025%	$28.8M	$48.9M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9350	−0.082%	$17.1M	$17.9M	75x	as long as short
OKX ICP-USDT-SWAPshort	+0.0100%	8h	2.9340	−0.116%	$5.6M	$14.9M	50x
Gate ICP_USDT	+0.0100%	8h	2.9350	−0.082%	$1.8M	$2.9M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9370	−0.014%	$18.4M	$10.0M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9370	−0.014%	$4.8M	$12.2M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9380	+0.020%	$6.9M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9360	−0.048%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9258	−0.395%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9142	−0.788%	$553K	$495K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9340	−0.116%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9340	−0.116%	$102K	$118K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9365	−0.031%	$23K	$131K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9280	−0.320%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0336%	1h	2.9380	+0.020%	$57K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9374	−0.001%	$30K	—	100x	as long as short