Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h +0.035%

Price spread now: MEXC against Kraken Futures−0.124%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$510.508% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 4 days (all we have)+0.289%+$29 · spread now −0.124%, 7d avg −0.064%

Together, before fees+0.658%+$66 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 MEXC is 0.060% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.064%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.368%, 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	2.9196	0.0189	pay 0.0024% / 1h	28m 38s	$518K	$586K	50x
Short	MEXC ICP_USDT	2.9160	0.0100	get 0.0100% / 8h	5h 28m	$18.2M	$9.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$18.64
Price spread: −0.124% → −0.064%: −$6
Slippage, 4 orders: −$40.78
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$75.42
Costs to cover: 0.508%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 17 min ago; MEXC: 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, 17 min ago	3.41 bp	27.2 bp −$27	63.0 bp −$630	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.72 bp	1.7 bp −$2	9.3 bp −$93	64.6 bp −$6,460	134.2 bp −$67.1K

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
Deribit ICP_USDC-PERPETUAL	−0.0401%	1h	2.9164	−0.110%	$190	$439	50x	as long as short
Variational Omni ICP	−0.0146%	8h	2.9123	−0.250%	$1.1M	$195K	—	as long as short
Phemex ICPUSDT	−0.0140%	8h	2.9210	+0.047%	$1.7M	$703K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9158	−0.131%	$67K	$2K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9156	−0.138%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+1.606%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9181	−0.052%	$135K	$454K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9179	−0.058%	$250K	$892K	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9180	−0.054%	$132K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9175	−0.071%	$28.2M	$47.4M	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	2.9160	−0.124%	$16.9M	$17.1M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9170	−0.090%	$5.7M	$12.8M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9160	−0.124%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDTshort	+0.0100%	8h	2.9160	−0.124%	$18.2M	$9.4M	50x
KuCoin ICPUSDTM	+0.0100%	8h	2.9180	−0.055%	$4.9M	$10.8M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9180	−0.055%	$6.9M	$4.3M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9170	−0.090%	—	$5.6M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9130	−0.227%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9135	−0.211%	$562K	$625K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9160	−0.124%	$2K	$1.4M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9140	−0.192%	$102K	$128K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9167	−0.098%	$22K	$239K	10x	as long as short
Kraken Futures PF_ICPUSDlong	+0.0189%	1h	2.9196	long leg	$518K	$586K	50x
BloFin ICP-USDT	+0.0220%	8h	2.9180	−0.055%	$1.2M	$2.3M	75x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0424% / S −0.0357%	1h	2.9173	−0.081%	$30K	—	100x	as long as short
Coinbase International ICP-PERP-INTX	+0.0424%	1h	2.9570	+1.281%	$58K	$63K	50x	as long as short
Hyperliquid ICP	+0.0467%	1h	2.9222	+0.089%	$4.5M	$4.3M	5x	as long as short