Funding arb · Price arb /

ICP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0831%/8h= +91.0% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against edgeX+0.257%46s7-day average +0.204% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.454% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 3 days (all we have)−0.521%−$52 · spread now +0.257%, 7d avg +0.204%

Together, before fees−0.492%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and Hyperliquid is 0.053% dearer against edgeX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.204%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.030% in total (about 1.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ICPUSDC	2.9722	0.0100	pay 0.0050% / 4h	2h 40m	$23K	$279K	10x
Short	Hyperliquid ICP	2.9798	0.0931	get 0.0116% / 1h	40m 30s	$4.8M	$4.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.257%Rate

Funding earned: $174.43
Price spread: +0.257% → +0.204%: $5.27
Slippage, 4 orders: −$27.37
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $134.34
Costs to cover: 0.454%
Break-even: 1.6 days

Slippage from edgeX: live order book, 47 min ago; Hyperliquid: live order book, 1 min ago.

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 edgeX live order book, 47 min ago	8.43 bp	12.9 bp −$13	26.9 bp −$269	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	1.17 bp	9.7 bp −$10	doesn't fit	doesn't fit	doesn't fit

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	−0.1285%	8h	2.9670	−0.174%	$1.7M	$782K	50x	as long as short
Variational Omni ICP	−0.0267%	8h	2.9715	−0.022%	$1.1M	$119K	—	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0221%	1h	2.9741	+0.065%	$265	$464	50x	as long as short
Injective ICP/USDC PERP	−0.0199%	1h	2.9665	−0.191%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0128%	8h	2.9720	−0.006%	$1.9M	$2.7M	50x	as long as short
Bybit ICPUSDT	−0.0041%	8h	2.9730	+0.028%	$17.1M	$17.6M	75x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9759	+0.127%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9757	+0.120%	$27K	—	150x	as long as short
Lighter ICP	+0.0096%	1h	2.9765	+0.146%	$166K	$442K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9753	+0.105%	$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	2.9746	+0.082%	$135K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9730	+0.028%	$28.9M	$48.6M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9720	−0.006%	$5.8M	$15.6M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9730	+0.028%	$19.5M	$8.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9740	+0.061%	$5.3M	$12.8M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9740	+0.061%	$6.8M	$4.4M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9730	+0.028%	—	$4.9M	—	as long as short
edgeX ICPUSDClong	+0.0100%	4h	2.9722	long leg	$23K	$279K	10x
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9721	−0.004%	$570K	$481K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9730	+0.028%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9690	−0.107%	$106K	$218K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9720	−0.005%	$24K	$123K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0148%	1h	2.9756	+0.116%	$495K	$509K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9740	+0.061%	$1.2M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0232%	1h	2.9790	+0.230%	$62K	$88K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9743	+0.072%	$31K	—	100x	as long as short
Hyperliquid ICPshort	+0.0931%	1h	2.9798	+0.257%	$4.8M	$4.9M	5x