ICP

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1130%/8h= +123.7% APRnext payment +$1.41 per $10,000 · paid last 24h +0.110%

Price spread now: Hyperliquid against Injective+0.479%7-day average −0.813% · you sell dearer than you buy

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

Long on Injective Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.225%+$22 on $10k

Price spread, last 3 days (all we have)−0.648%−$65 · spread now +0.479%, 7d avg −0.813%

Together, before fees−0.423%+ Points / potential airdropHyperliquid: Season 2 · farm board−$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$34 a day on $10k at the current rate, and Hyperliquid is 1.292% dearer against Injective than usual: you sell high and buy low: +$129 more if the spread goes back to its 7-day average of −0.813%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.225% in total (about 11.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.41 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	Injective ICP/USDC PERP	2.9665	−0.0199	get 0.0025% / 1h	41m 09s	$202	$200K	12x
Short	Hyperliquid ICP	2.9807	0.0930	get 0.0116% / 1h	41m 09s	$4.8M	$4.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Injective. 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 InjectivebpFee HyperliquidbpOrdersPrice spread, now +0.479%Rate

Funding earned: $237.26
Price spread: +0.479% → −0.813%: $129.19
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $357.43
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Hyperliquid: live order book, 11 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 Injective no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 11 min ago	0.17 bp	9.2 bp −$9	doesn't fit	doesn't fit	doesn't fit

Injective: 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	−0.1285%	8h	2.9670	+0.017%	$1.7M	$782K	50x	as long as short
Variational Omni ICP	−0.0275%	8h	2.9655	−0.033%	$1.1M	$119K	—	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0221%	1h	2.9741	+0.256%	$265	$464	50x	as long as short
Injective ICP/USDC PERPlong	−0.0199%	1h	2.9665	long leg	$202	$200K	12x
Gate ICP_USDT	−0.0125%	8h	2.9730	+0.219%	$1.9M	$2.7M	50x	as long as short
Bybit ICPUSDT	−0.0043%	8h	2.9720	+0.185%	$17.1M	$17.6M	75x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9759	+0.318%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9757	+0.311%	$27K	—	150x	as long as short
Lighter ICP	+0.0096%	1h	2.9773	+0.364%	$166K	$442K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9756	+0.307%	$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	+0.294%	$135K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9735	+0.235%	$28.9M	$48.6M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9720	+0.185%	$5.8M	$15.6M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9740	+0.253%	$19.5M	$8.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9750	+0.287%	$5.3M	$12.8M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9750	+0.287%	$6.8M	$4.4M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9730	+0.219%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9722	+0.191%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9721	+0.187%	$570K	$481K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9730	+0.219%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9690	+0.084%	$106K	$218K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9737	+0.242%	$24K	$123K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0148%	1h	2.9756	+0.308%	$495K	$509K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9740	+0.253%	$1.2M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0232%	1h	2.9790	+0.421%	$62K	$88K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9743	+0.264%	$31K	—	100x	as long as short
Hyperliquid ICPshort	+0.0930%	1h	2.9807	+0.479%	$4.8M	$4.9M	5x