Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h −0.150%

Price spread now: Deribit against SunX+0.034%7-day average — · you sell dearer than you buy

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

Long on SunX 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 0.034% dearer against SunX than usual: you sell high and buy low (spread +0.034% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$12 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	SunX ICP-USDT	2.9730	0.0100	pay 0.0100% / 8h	2h 35m	$1K	$1.7M	20x
Short	Deribit ICP_USDC-PERPETUAL	2.9740	−0.0288	pay 0.0036% / 1h	35m 46s	$265	$464	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$81.48
Price spread: +0.034% → 0.000%: $3.36
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$93.12
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 10 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 SunX live order book, 10 min ago	48.80 bp	73.8 bp −$74	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 ICPUSDT	−0.1296%	8h	2.9650	−0.269%	$1.7M	$782K	50x	as long as short
Deribit ICP_USDC-PERPETUALshort	−0.0288%	1h	2.9740	+0.034%	$265	$464	50x
Variational Omni ICP	−0.0267%	8h	2.9715	−0.050%	$1.1M	$119K	—	as long as short
Injective ICP/USDC PERP	−0.0199%	1h	2.9665	−0.219%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0123%	8h	2.9720	−0.034%	$1.9M	$2.7M	50x	as long as short
Bybit ICPUSDT	−0.0029%	8h	2.9750	+0.067%	$17.1M	$17.6M	75x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9754	+0.081%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9747	+0.058%	$27K	—	150x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9758	+0.093%	$187K	$1.5M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9772	+0.142%	$135K	$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	2.9760	+0.101%	$28.9M	$48.6M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9740	+0.034%	$5.8M	$15.6M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9750	+0.067%	$19.5M	$8.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9750	+0.067%	$5.3M	$12.8M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9760	+0.101%	$6.8M	$4.4M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9750	+0.067%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9693	−0.123%	$23K	$277K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9728	−0.008%	$570K	$481K	10x	as long as short
SunX ICP-USDTlong	+0.0100%	8h	2.9730	long leg	$1K	$1.7M	20x
HTX ICP-USDT	+0.0100%	8h	2.9740	+0.034%	$106K	$218K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9729	−0.005%	$24K	$123K	10x	as long as short
Lighter ICP	+0.0128%	1h	2.9787	+0.192%	$166K	$442K	5x	as long as short
Kraken Futures PF_ICPUSD	+0.0148%	1h	2.9753	+0.076%	$495K	$510K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9770	+0.135%	$1.2M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0232%	1h	2.9790	+0.202%	$62K	$88K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9743	+0.044%	$31K	—	100x	as long as short
Hyperliquid ICP	+0.0954%	1h	2.9808	+0.262%	$4.8M	$4.9M	5x	as long as short