ICP

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0823%/8h= −90.2% APRnext payment −$1.03 per $10,000 · paid last 24h −0.086%

Price spread now: Extended against Hyperliquid−0.219%7-day average −0.183% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on Hyperliquid Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$10 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.219%, 7d avg −0.183%

Together, before fees−0.073%+ Points / potential airdropHyperliquid: Season 2 · Extended: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Extended is 0.037% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.183%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.095% in total (about -5.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.03 per $10,000. 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	Hyperliquid ICP	2.9802	0.0927	pay 0.0116% / 1h	41m 19s	$4.8M	$4.9M	5x
Short	Extended ICP-USD	2.9737	0.0104	get 0.0013% / 1h	41m 19s	$24K	$123K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Hyperliquid. 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 HyperliquidbpFee ExtendedbpOrdersPrice spread, now −0.219%Rate

Funding earned: −$172.93
Price spread: −0.219% → −0.183%: −$3.65
Slippage, 4 orders: −$27.94
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$218.53
Costs to cover: 0.419%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Extended: live order book, 44 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 Hyperliquid live order book, 11 min ago	0.17 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 44 min ago	3.54 bp	12.2 bp −$12	77.9 bp −$779	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	−0.443%	$1.7M	$782K	50x	as long as short
Variational Omni ICP	−0.0275%	8h	2.9655	−0.493%	$1.1M	$119K	—	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0221%	1h	2.9741	−0.205%	$265	$464	50x	as long as short
Injective ICP/USDC PERP	−0.0199%	1h	2.9665	−0.460%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0125%	8h	2.9720	−0.275%	$1.9M	$2.7M	50x	as long as short
Bybit ICPUSDT	−0.0043%	8h	2.9730	−0.242%	$17.1M	$17.6M	75x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9759	−0.143%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9757	−0.150%	$27K	—	150x	as long as short
Lighter ICP	+0.0096%	1h	2.9773	−0.097%	$166K	$442K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9756	−0.154%	$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	2.9752	−0.167%	$135K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9740	−0.208%	$28.9M	$48.6M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9720	−0.275%	$5.8M	$15.6M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9740	−0.208%	$19.5M	$8.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9750	−0.174%	$5.3M	$12.8M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9750	−0.174%	$6.8M	$4.4M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9740	−0.208%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9722	−0.269%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9721	−0.273%	$570K	$481K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9730	−0.242%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9690	−0.376%	$106K	$218K	20x	as long as short
Extended ICP-USDshort	+0.0104%	1h	2.9737	−0.219%	$24K	$123K	10x
Kraken Futures PF_ICPUSD	+0.0148%	1h	2.9756	−0.153%	$495K	$509K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9740	−0.208%	$1.2M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0232%	1h	2.9790	−0.040%	$62K	$88K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9743	−0.197%	$31K	—	100x	as long as short
Hyperliquid ICPlong	+0.0927%	1h	2.9802	long leg	$4.8M	$4.9M	5x