Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0396%/8h= +43.4% APRpaid last 24h +0.169%

Price spread now: Hyperliquid against Variational Omni−0.112%7-day average +0.224% · you buy dearer than you sell

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.303%+$30 on $10k

Price spread, last 3 days (all we have)+0.107%+$11 · spread now −0.112%, 7d avg +0.224%

Together, before fees+0.410%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.337% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of +0.224%). If the spread goes back, that is −$34 on $10k: about 2.8 days of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ICP	3.0401	−0.0142	get 0.0142% / 8h	37m 09s	$1.1M	$107K	—
Short	Hyperliquid ICP	3.0367	0.0254	get 0.0032% / 1h	37m 09s	$4.8M	$5.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now −0.112%Rate

Funding earned: $83.16
Price spread: −0.112% → +0.224%: −$33.65
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $40.51
Costs to cover: 0.090%
Break-even: 3.6 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 5 min ago. 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, 2 min ago	4.37 bp	doesn't fit	45.6 bp −$456	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.15 bp	9.2 bp −$9	doesn't fit	doesn't fit	doesn't fit

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	−0.1543%	8h	3.0350	−0.168%	$1.8M	$766K	50x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0607%	1h	3.0325	−0.251%	$270	$464	50x	as long as short
Variational Omni ICPlong	−0.0142%	8h	3.0401	long leg	$1.1M	$107K	—
Gate ICP_USDT	−0.0025%	8h	3.0320	−0.267%	$2.0M	$2.9M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	3.0373	−0.093%	$71K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	3.0355	−0.153%	$27K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−2.422%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	3.0351	−0.165%	$159K	$452K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	3.0340	−0.201%	$205K	$1.4M	20x	as long as short
Pacifica ICP	+0.0100%	1h	3.0378	−0.076%	$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	3.0310	−0.300%	$30.0M	$51.4M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	3.0300	−0.333%	$18.0M	$18.4M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	3.0300	−0.333%	$6.2M	$16.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	3.0320	−0.267%	$19.3M	$9.2M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	3.0310	−0.300%	$5.1M	$13.2M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	3.0350	−0.168%	$6.9M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	3.0330	−0.234%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	3.0354	−0.155%	$23K	$278K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	3.0397	−0.015%	$580K	$444K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	3.0320	−0.267%	$2K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	3.0370	−0.103%	$108K	$222K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	3.0321	−0.263%	$25K	$118K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0171%	1h	3.0367	−0.112%	$539K	$580K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	3.0340	−0.201%	$1.3M	$2.3M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0240%	1h	3.0540	+0.457%	$64K	$89K	50x	as long as short
Hyperliquid ICPshort	+0.0254%	1h	3.0367	−0.112%	$4.8M	$5.0M	5x
GMX ICP/USD [WBTC.b-USDC]	L +0.0509% / S −0.0480%	1h	3.0344	−0.190%	$38K	—	100x	as long as short