Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0121%/8h= +13.2% APRpaid last 24h +0.114%

Price spread now: SunX against Deribit−0.034%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 SunX

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. SunX is 0.034% cheaper against Deribit than usual: you would sell low and buy high (spread −0.034% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 22 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ICP_USDC-PERPETUAL	2.9560	−0.0021	get 0.0003% / 1h	59m 34s	$192	$439	50x
Short	SunX ICP-USDT	2.9550	0.0100	get 0.0100% / 8h	7h 59m	$1K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.034%Rate

Funding earned: $25.41
Price spread: −0.034% → 0.000%: −$3.38
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $7.03
Costs to cover: 0.150%
Break-even: 5.1 days

Slippage unknown: Deribit: no order-book sample; SunX: 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 SunX live order book, 5 min ago	47.46 bp	74.5 bp −$75	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 ICPUSDT	−0.0250%	8h	2.9500	−0.203%	$1.8M	$686K	50x	as long as short
Kraken Futures PF_ICPUSD	−0.0211%	1h	2.9588	+0.094%	$524K	$659K	50x	as long as short
Variational Omni ICP	−0.0150%	8h	2.9521	−0.132%	$1.0M	$135K	—	as long as short
Deribit ICP_USDC-PERPETUALlong	−0.0021%	1h	2.9560	long leg	$192	$439	50x
dYdX ICP-USD	0.0000%	1h	2.9576	+0.054%	$69K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9554	−0.021%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.355%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9570	+0.034%	$138K	$485K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9568	+0.027%	$4.5M	$4.6M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9574	+0.046%	$274K	$1.0M	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	2.9572	+0.042%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9541	−0.065%	$28.8M	$47.7M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9510	−0.169%	$17.1M	$17.9M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9520	−0.135%	$5.7M	$14.2M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9560	0.000%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9540	−0.068%	$19.2M	$9.7M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9540	−0.068%	$4.9M	$11.5M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9550	−0.034%	$7.0M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9560	0.000%	—	$5.6M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9496	−0.215%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9546	−0.047%	$574K	$590K	10x	as long as short
SunX ICP-USDTshort	+0.0100%	8h	2.9550	−0.034%	$1K	$1.5M	20x
HTX ICP-USDT	+0.0100%	8h	2.9490	−0.237%	$103K	$114K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9562	+0.007%	$26K	$235K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9570	+0.034%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0376%	1h	2.9750	+0.643%	$58K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0492% / S −0.0459%	1h	2.9562	+0.006%	$36K	—	100x	as long as short