Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0294%/8h= −32.2% APRpaid last 24h −0.115%

Price spread now: Deribit against MEXC+0.027%7-day average — · you sell dearer than you buy

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

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.027% dearer against MEXC than usual: you sell high and buy low (spread +0.027% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ICP_USDT	2.9280	0.0100	pay 0.0100% / 8h	2h 56m	$18.0M	$9.9M	50x
Short	Deribit ICP_USDC-PERPETUAL	2.9288	−0.0194	pay 0.0024% / 1h	56m 19s	$191	$439	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. 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 MEXCbpFee DeribitbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$61.74
Price spread: +0.027% → 0.000%: $2.73
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$66.01
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 2 min ago; Deribit: 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 MEXC live order book, 2 min ago	1.71 bp	4.5 bp −$5	10.4 bp −$104	61.9 bp −$6,187	129.8 bp −$64.9K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Deribit ICP_USDC-PERPETUALshort	−0.0194%	1h	2.9288	+0.027%	$191	$439	50x
Kraken Futures PF_ICPUSD	−0.0068%	1h	2.9303	+0.080%	$486K	$628K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9287	+0.025%	$68K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9292	+0.042%	$10K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+1.315%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0070%	8h	2.9175	−0.359%	$1.0M	$134K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9285	+0.017%	$141K	$492K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9300	+0.068%	$4.5M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9295	+0.050%	$262K	$1.5M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9293	+0.044%	$133K	$10K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ICPUSDT	+0.0100%	8h	2.9280	0.000%	$28.7M	$48.5M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9270	−0.034%	$16.9M	$17.7M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9300	+0.068%	$5.6M	$14.9M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9280	0.000%	$1.8M	$2.8M	50x	as long as short
MEXC ICP_USDTlong	+0.0100%	8h	2.9280	long leg	$18.0M	$9.9M	50x
KuCoin ICPUSDTM	+0.0100%	8h	2.9270	−0.034%	$4.8M	$12.2M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9300	+0.068%	$6.9M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9280	0.000%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9193	−0.296%	$23K	$281K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9198	−0.280%	$561K	$492K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9280	0.000%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9250	−0.102%	$102K	$117K	20x	as long as short
Phemex ICPUSDT	+0.0100%	8h	2.9290	+0.034%	$1.7M	$781K	50x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9272	−0.027%	$22K	$131K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9300	+0.068%	$1.2M	$2.3M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0336%	1h	2.9530	+0.854%	$57K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9288	+0.028%	$30K	—	100x	as long as short