Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1037%/8h= −113.5% APRpaid last 24h −0.138%

Price spread now: Phemex against Deribit+0.182%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Phemex

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. Phemex is 0.182% dearer against Deribit than usual: you sell high and buy low (spread +0.182% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ICP_USDC-PERPETUAL	3.0245	−0.0213	get 0.0027% / 1h	1m 54s	$270	$464	50x
Short	Phemex ICPUSDT	3.0300	−0.1250	pay 0.1250% / 8h	1m 54s	$1.8M	$761K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.182%Rate

Funding earned: −$217.68
Price spread: +0.182% → 0.000%: $18.18
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$218.49
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 1 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 Phemex live order book, 1 min ago	1.65 bp	doesn't fit	doesn't fit	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 ICPUSDTshort	−0.1250%	8h	3.0300	+0.182%	$1.8M	$761K	50x
Deribit ICP_USDC-PERPETUALlong	−0.0213%	1h	3.0245	long leg	$270	$464	50x
Variational Omni ICP	−0.0108%	8h	3.0111	−0.443%	$1.1M	$108K	—	as long as short
Gate ICP_USDT	−0.0004%	8h	3.0240	−0.017%	$1.9M	$2.9M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	3.0264	+0.062%	$70K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	3.0234	−0.035%	$27K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−1.918%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	3.0273	+0.093%	$157K	$455K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	3.0267	+0.072%	$182K	$1.5M	20x	as long as short
Pacifica ICP	+0.0100%	1h	3.0222	−0.077%	$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	3.0265	+0.065%	$29.9M	$51.8M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	3.0250	+0.017%	$17.9M	$18.5M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	3.0250	+0.017%	$6.1M	$16.8M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	3.0270	+0.083%	$19.1M	$9.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	3.0240	−0.017%	$5.1M	$13.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	3.0270	+0.083%	$7.1M	$4.7M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	3.0260	+0.050%	—	$5.2M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	3.0123	−0.403%	$23K	$278K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	3.0211	−0.111%	$582K	$450K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	3.0210	−0.116%	$2K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	3.0200	−0.149%	$108K	$228K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	3.0261	+0.052%	$25K	$118K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0171%	1h	3.0298	+0.175%	$553K	$594K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	3.0110	−0.446%	$1.3M	$2.3M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0240%	1h	3.0540	+0.975%	$64K	$89K	50x	as long as short
Hyperliquid ICP	+0.0283%	1h	3.0299	+0.179%	$4.7M	$5.0M	5x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0507% / S −0.0480%	1h	3.0229	−0.053%	$38K	—	100x	as long as short