Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.040%

Price spread now: dYdX against Variational Omni−0.077%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on dYdX

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

Funding pays, the price is against you. dYdX is 0.077% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.077% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 39 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ICP	2.9981	−0.0159	get 0.0159% / 8h	1h 11m	$1.1M	$107K	—
Short	dYdX ICP-USD	2.9958	0	get 0.0000% / 1h	11m 03s	$70K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.077%Rate

Funding earned: $33.34
Price spread: −0.077% → 0.000%: −$7.74
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $15.61
Costs to cover: 0.100%
Break-even: 3.7 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; dYdX: 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	4.39 bp	doesn't fit	34.8 bp −$348	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.1474%	8h	2.9800	−0.605%	$1.7M	$771K	50x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0184%	1h	2.9961	−0.068%	$267	$464	50x	as long as short
Variational Omni ICPlong	−0.0159%	8h	2.9981	long leg	$1.1M	$107K	—
Injective ICP/USDC PERP	−0.0152%	1h	2.9665	−1.055%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0047%	8h	2.9940	−0.138%	$1.9M	$2.8M	50x	as long as short
dYdX ICP-USDshort	0.0000%	1h	2.9958	−0.077%	$70K	$4K	5x
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9974	−0.023%	$27K	—	150x	as long as short
Lighter ICP	+0.0096%	1h	2.9987	+0.019%	$165K	$443K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9968	−0.046%	$209K	$1.4M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9971	−0.035%	$136K	$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	2.9960	−0.071%	$29.6M	$50.4M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9940	−0.138%	$17.4M	$17.9M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9950	−0.104%	$5.9M	$16.1M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9960	−0.071%	$19.6M	$8.9M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9960	−0.071%	$5.1M	$13.0M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9960	−0.071%	$6.8M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9950	−0.104%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9940	−0.136%	$23K	$277K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9941	−0.136%	$573K	$435K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9950	−0.104%	$2K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9930	−0.171%	$106K	$220K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9954	−0.091%	$25K	$118K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9960	−0.071%	$1.2M	$2.3M	75x	as long as short
Kraken Futures PF_ICPUSD	+0.0223%	1h	2.9971	−0.036%	$486K	$528K	50x	as long as short
Coinbase International ICP-PERP-INTX	+0.0240%	1h	3.0030	+0.163%	$63K	$91K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0505% / S −0.0480%	1h	2.9967	−0.047%	$37K	—	100x	as long as short
Hyperliquid ICP	+0.0674%	1h	3.0019	+0.126%	$4.8M	$5.0M	5x	as long as short