Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0386%/8h= −42.3% APRpaid last 24h −0.052%

Price spread now: Deribit against Variational Omni+0.164%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.164% dearer against Variational Omni than usual: you sell high and buy low (spread +0.164% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ICP	3.0390	−0.0086	get 0.0086% / 8h	7h 41m	$1.1M	$111K	—
Short	Deribit ICP_USDC-PERPETUAL	3.0440	−0.0472	pay 0.0059% / 1h	41m 19s	$271	$464	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.164%Rate

Funding earned: −$81.06
Price spread: +0.164% → 0.000%: $16.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$71.7
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 3 min ago	4.36 bp	doesn't fit	38.3 bp −$383	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
Deribit ICP_USDC-PERPETUALshort	−0.0472%	1h	3.0440	+0.164%	$271	$464	50x
Phemex ICPUSDT	−0.0240%	8h	3.0430	+0.131%	$1.8M	$767K	50x	as long as short
Kraken Futures PF_ICPUSD	−0.0121%	1h	3.0487	+0.318%	$557K	$601K	50x	as long as short
Variational Omni ICPlong	−0.0086%	8h	3.0390	long leg	$1.1M	$111K	—
dYdX ICP-USD	0.0000%	1h	3.0450	+0.197%	$71K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	3.0455	+0.211%	$27K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−2.387%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	3.0489	+0.325%	$175K	$479K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	3.0461	+0.234%	$300K	$1.6M	20x	as long as short
Pacifica ICP	+0.0100%	1h	3.0437	+0.153%	$138K	$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	3.0440	+0.164%	$30.3M	$52.6M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	3.0440	+0.164%	$18.1M	$18.7M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	3.0440	+0.164%	$6.2M	$17.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	3.0440	+0.164%	$2.0M	$3.0M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	3.0440	+0.164%	$19.4M	$9.5M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	3.0430	+0.131%	$5.2M	$13.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	3.0460	+0.229%	$7.2M	$4.8M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	3.0430	+0.131%	—	$5.2M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	3.0432	+0.136%	$24K	$278K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	3.0459	+0.225%	$589K	$471K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	3.0420	+0.098%	$1K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	3.0420	+0.098%	$106K	$239K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	3.0423	+0.108%	$22K	$118K	10x	as long as short
Hyperliquid ICP	+0.0180%	1h	3.0480	+0.295%	$4.7M	$5.0M	5x	as long as short
BloFin ICP-USDT	+0.0220%	8h	3.0410	+0.065%	$1.3M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0280%	1h	3.0470	+0.262%	$63K	$87K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0510% / S −0.0480%	1h	3.0454	+0.209%	$38K	—	100x	as long as short