Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h +0.052%

Price spread now: Injective against Variational Omni+1.802%91s7-day average +0.900% · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−1.535%−$154 · spread now +1.802%, 7d avg +0.900%

Together, before fees−1.464%+ Points / potential airdropVariational Omni: Active · farm board−$146 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.902% dearer against Variational Omni than usual: you sell high and buy low (spread +1.802% now, against its 7-day average of +0.900%): +$90 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4 months. Mind the row above: over the last 4 days funding on this pair paid +0.071%, so the current rate has only just turned against you. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ICP	2.9140	0.0062	pay 0.0062% / 8h	2h 41m	$1.0M	$133K	—
Short	Injective ICP/USDC PERP	2.9665	0.0033	get 0.0004% / 1h	41m 46s	$202	$200K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.802%Rate

Funding earned: −$5.97
Price spread: +1.802% → +0.900%: $90.2
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $84.21
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Injective: 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, 2 min ago	4.44 bp	doesn't fit	31.8 bp −$318	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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-PERPETUAL	−0.0332%	1h	2.9193	+0.182%	$190	$439	50x	as long as short
Kraken Futures PF_ICPUSD	−0.0068%	1h	2.9206	+0.228%	$485K	$644K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9202	+0.214%	$68K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9200	+0.206%	$10K	—	150x	as long as short
Injective ICP/USDC PERPshort	+0.0033%	1h	2.9665	+1.802%	$202	$200K	12x
Variational Omni ICPlong	+0.0062%	8h	2.9140	long leg	$1.0M	$133K	—
Lighter ICP	+0.0096%	1h	2.9197	+0.196%	$141K	$492K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9209	+0.237%	$4.5M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9186	+0.159%	$261K	$1.3M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9216	+0.262%	$132K	$10K	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	2.9150	+0.035%	$28.6M	$48.6M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9150	+0.035%	$17.1M	$17.9M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9150	+0.035%	$5.6M	$14.8M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9150	+0.035%	$1.8M	$2.8M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9150	+0.035%	$18.0M	$9.9M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9170	+0.103%	$4.8M	$12.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9180	+0.138%	$6.9M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9170	+0.103%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9263	+0.422%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9169	+0.098%	$555K	$489K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9170	+0.103%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9180	+0.138%	$102K	$117K	20x	as long as short
Phemex ICPUSDT	+0.0100%	8h	2.9200	+0.206%	$1.7M	$737K	50x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9162	+0.077%	$23K	$136K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9210	+0.241%	$1.2M	$2.3M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0336%	1h	2.9220	+0.275%	$57K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0431% / S −0.0367%	1h	2.9195	+0.189%	$30K	—	100x	as long as short