Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0380%/8h= +41.6% APRpaid last 24h +0.068%

Price spread now: GMX against GRVT−0.349%7-day average — · you buy dearer than you sell

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

Long on GRVT Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. GMX is 0.349% cheaper against GRVT than usual: you would sell low and buy high (spread −0.349% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$35 on $10k: about 3.1 days of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ICP_USDT_Perp	2.9593	0.0100	pay 0.0100% / 8h	4h 50m	$572K	$464K	10x
Short	GMX ICP/USD [WBTC.b-USDC]	2.9490	L +0.0503% / S −0.0480%	get 0.0060% / 1h	50m 49s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against GRVT. 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 GRVTbpFee GMXbpOrdersPrice spread, now −0.349%Rate

Funding earned: $79.79
Price spread: −0.349% → 0.000%: −$34.93
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: $23.87
Costs to cover: 0.210%
Break-even: 4.9 days

Slippage unknown: GRVT: live order book, 7 min ago; GMX: no order-book sample. 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 GRVT live order book, 7 min ago	3.38 bp	22.2 bp −$22	101.7 bp −$1,017	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
dYdX ICP-USD	0.0000%	1h	2.9475	−0.400%	$69K	$3K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9485	−0.366%	$263	$464	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	2.9492	−0.342%	$22K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.242%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0092%	8h	2.9460	−0.451%	$1.1M	$116K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9493	−0.339%	$157K	$485K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9512	−0.274%	$269K	$1.7M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9497	−0.325%	$134K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9484	−0.371%	$29.0M	$52.0M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9450	−0.485%	$17.1M	$18.6M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9460	−0.451%	$5.6M	$16.6M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9500	−0.316%	$1.9M	$3.0M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9510	−0.282%	$19.9M	$10.1M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9510	−0.282%	$4.8M	$12.9M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9510	−0.282%	$6.9M	$4.8M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9500	−0.316%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9598	+0.017%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perplong	+0.0100%	8h	2.9593	long leg	$572K	$464K	10x
SunX ICP-USDT	+0.0100%	8h	2.9480	−0.383%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9460	−0.451%	$103K	$181K	20x	as long as short
Phemex ICPUSDT	+0.0100%	8h	2.9480	−0.383%	$1.7M	$793K	50x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9504	−0.301%	$22K	$127K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9460	−0.451%	$1.3M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9710	+0.394%	$67K	$65K	50x	as long as short
Hyperliquid ICP	+0.0383%	1h	2.9552	−0.140%	$4.5M	$4.9M	5x	as long as short
GMX ICP/USD [WBTC.b-USDC]short	L +0.0503% / S −0.0480%	1h	2.9490	−0.349%	$37K	—	100x
Kraken Futures PF_ICPUSD	+0.0572%	1h	2.9519	−0.252%	$519K	$630K	50x	as long as short