Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.036%

Price spread now: Hyperliquid against BloFin+0.091%7-day average +0.150% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$430.427% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now +0.091%, 7d avg +0.150%

Together, before fees−0.066%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.059% cheaper against BloFin than usual: you would sell low and buy high (spread +0.091% now, against its 7-day average of +0.150%). If the spread goes back, that is −$6 on $10k: about 14 hours of funding at the current rate (+$10 a day). Mind the row above: over the last 7 days funding on this pair cost −0.121%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.121% in total (about -6.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ICP-USDT	2.9520	0.0220	pay 0.0220% / 8h	6h 19m	$1.2M	$2.4M	75x
Short	Hyperliquid ICP	2.9547	0.0548	get 0.0068% / 1h	19m 04s	$4.6M	$4.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.091%Rate

Funding earned: $68.78
Price spread: +0.091% → +0.150%: −$5.86
Slippage, 4 orders: −$21.66
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $20.26
Costs to cover: 0.427%
Break-even: 4.9 days

Slippage from BloFin: live order book, 2 min ago; Hyperliquid: live order book, 6 min ago.

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 BloFin live order book, 2 min ago	5.09 bp	12.9 bp −$13	17.6 bp −$176	74.1 bp −$7,411	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.68 bp	10.0 bp −$10	doesn't fit	doesn't fit	doesn't fit

ICP on 27 exchanges

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	−0.0184%	8h	2.9440	−0.271%	$1.7M	$697K	50x	as long as short
Variational Omni ICP	−0.0153%	8h	2.9459	−0.207%	$1.0M	$157K	—	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0021%	1h	2.9510	−0.034%	$192	$439	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9500	−0.068%	$68K	$2K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9517	−0.011%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.491%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9510	−0.034%	$136K	$471K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9519	−0.003%	$249K	$974K	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9536	+0.055%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9498	−0.075%	$28.6M	$48.2M	75x	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ICPUSDT	+0.0100%	8h	2.9480	−0.136%	$17.1M	$17.5M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9490	−0.102%	$5.8M	$13.2M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9500	−0.068%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9500	−0.068%	$18.5M	$9.9M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9510	−0.034%	$4.9M	$11.0M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9520	0.000%	$7.0M	$4.4M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9500	−0.068%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9488	−0.108%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9479	−0.140%	$571K	$593K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9500	−0.068%	$2K	$1.4M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9400	−0.407%	$103K	$124K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9489	−0.105%	$22K	$242K	10x	as long as short
BloFin ICP-USDTlong	+0.0220%	8h	2.9520	long leg	$1.2M	$2.4M	75x
Kraken Futures PF_ICPUSD	+0.0353%	1h	2.9535	+0.052%	$513K	$596K	50x	as long as short
Coinbase International ICP-PERP-INTX	+0.0448%	1h	2.9570	+0.169%	$58K	$63K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0454% / S −0.0403%	1h	2.9517	−0.010%	$33K	—	100x	as long as short
Hyperliquid ICPshort	+0.0548%	1h	2.9547	+0.091%	$4.6M	$4.5M	5x