Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1063%/8h= +116.4% APRpaid last 24h +0.138%

Price spread now: Deribit against Phemex−0.178%7-day average — · you buy dearer than you sell

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

Long on Phemex 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

Funding pays, the price is against you. Deribit is 0.178% cheaper against Phemex than usual: you would sell low and buy high (spread −0.178% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 13 hours of funding at the current rate (+$32 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ICPUSDT	3.0320	−0.1242	get 0.1242% / 8h	0m 26s	$1.8M	$761K	50x
Short	Deribit ICP_USDC-PERPETUAL	3.0266	−0.0179	pay 0.0022% / 1h	0m 26s	$270	$464	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. 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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.178%Rate

Funding earned: $223.28
Price spread: −0.178% → 0.000%: −$17.81
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $186.47
Costs to cover: 0.190%
Break-even: 1.2 days

Slippage unknown: Phemex: live order book, 3 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 Phemex live order book, 3 min ago	1.65 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
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
Phemex ICPUSDTlong	−0.1242%	8h	3.0320	long leg	$1.8M	$761K	50x
Deribit ICP_USDC-PERPETUALshort	−0.0179%	1h	3.0266	−0.178%	$270	$464	50x
Variational Omni ICP	−0.0101%	8h	3.0221	−0.327%	$1.1M	$108K	—	as long as short
dYdX ICP-USD	0.0000%	1h	3.0270	−0.163%	$70K	$4K	5x	as long as short
Gate ICP_USDT	0.0000%	8h	3.0300	−0.066%	$1.9M	$2.9M	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	3.0324	+0.015%	$27K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−2.160%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	3.0311	−0.030%	$157K	$455K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	3.0334	+0.047%	$183K	$1.5M	20x	as long as short
Pacifica ICP	+0.0100%	1h	3.0292	−0.093%	$137K	$11K	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	3.0314	−0.018%	$29.9M	$51.9M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	3.0310	−0.033%	$18.0M	$18.5M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	3.0320	0.000%	$6.1M	$16.9M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	3.0310	−0.033%	$19.2M	$9.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	3.0300	−0.066%	$5.1M	$13.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	3.0330	+0.033%	$7.1M	$4.7M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	3.0310	−0.033%	—	$5.2M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	3.0237	−0.272%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	3.0211	−0.358%	$582K	$450K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	3.0230	−0.297%	$2K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	3.0210	−0.363%	$108K	$228K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	3.0274	−0.152%	$25K	$118K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0171%	1h	3.0309	−0.035%	$553K	$594K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	3.0240	−0.264%	$1.3M	$2.3M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0240%	1h	3.0540	+0.726%	$64K	$89K	50x	as long as short
Hyperliquid ICP	+0.0284%	1h	3.0351	+0.102%	$4.7M	$5.0M	5x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0508% / S −0.0480%	1h	3.0329	+0.029%	$38K	—	100x	as long as short