Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h +0.043%

Price spread now: KuCoin against Kraken Futures−0.055%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1111.107% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.331%+$33 on $10k

Price spread, last 4 days (all we have)−0.078%−$8 · spread now −0.055%, 7d avg −0.029%

Together, before fees+0.253%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.026% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.331%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ICPUSD	2.9456	0.0187	pay 0.0023% / 1h	53m 16s	$524K	$603K	50x
Short	KuCoin ICPUSDTM	2.9440	0.0100	get 0.0100% / 8h	5h 53m	$4.9M	$10.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Kraken Futures. 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 Kraken FuturesbpFee KuCoinbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$18.29
Price spread: −0.055% → −0.029%: −$2.59
Slippage, 4 orders: −$88.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$131.58
Costs to cover: 1.107%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 57 min ago; KuCoin: live order book, 3 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 Kraken Futures live order book, 57 min ago	6.80 bp	23.3 bp −$23	48.5 bp −$485	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	3.40 bp	32.1 bp −$32	78.6 bp −$786	doesn't fit	doesn't fit

ICP on 27 exchanges

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	−0.0385%	8h	2.9400	−0.191%	$1.7M	$703K	50x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0192%	1h	2.9429	−0.093%	$191	$439	50x	as long as short
Variational Omni ICP	−0.0151%	8h	2.9437	−0.064%	$1.1M	$195K	—	as long as short
dYdX ICP-USD	0.0000%	1h	2.9453	−0.012%	$68K	$2K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9430	−0.089%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.709%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9440	−0.055%	$135K	$452K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9451	−0.017%	$252K	$909K	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9436	−0.068%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9430	−0.089%	$28.5M	$47.2M	75x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ICPUSDT	+0.0100%	8h	2.9420	−0.123%	$17.1M	$17.2M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9420	−0.123%	$5.8M	$12.9M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9420	−0.123%	$1.9M	$2.6M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9430	−0.089%	$18.3M	$9.3M	50x	as long as short
KuCoin ICPUSDTMshort	+0.0100%	8h	2.9440	−0.055%	$4.9M	$10.9M	50x
Bitget ICPUSDT	+0.0100%	8h	2.9440	−0.055%	$7.0M	$4.3M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9420	−0.123%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9452	−0.013%	$23K	$278K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9435	−0.073%	$570K	$612K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9430	−0.089%	$1K	$1.4M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9460	+0.013%	$103K	$124K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9420	−0.122%	$23K	$243K	10x	as long as short
Kraken Futures PF_ICPUSDlong	+0.0187%	1h	2.9456	long leg	$524K	$603K	50x
BloFin ICP-USDT	+0.0220%	8h	2.9440	−0.055%	$1.2M	$2.4M	75x	as long as short
Hyperliquid ICP	+0.0282%	1h	2.9478	+0.074%	$4.6M	$4.3M	5x	as long as short
Coinbase International ICP-PERP-INTX	+0.0424%	1h	2.9570	+0.386%	$58K	$63K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0425% / S −0.0357%	1h	2.9435	−0.074%	$30K	—	100x	as long as short