Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0534%/8h= −58.5% APRpaid last 24h −0.066%

Price spread now: Kraken Futures against BloFin−0.001%7-day average +0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.589%−$59 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.001%, 7d avg +0.064%

Together, before fees−0.542%−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Kraken Futures is 0.066% cheaper against BloFin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.064%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ICP-USDT	2.9460	0.0220	pay 0.0220% / 8h	1h 41m	$1.2M	$2.4M	75x
Short	Kraken Futures PF_ICPUSD	2.9460	−0.0314	pay 0.0039% / 1h	41m 19s	$522K	$663K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now −0.001%Rate

Funding earned: −$112.22
Price spread: −0.001% → +0.064%: −$6.55
Slippage, 4 orders: −$34.06
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$174.83
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Kraken Futures: live order book, 2 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	1.70 bp	12.9 bp −$13	23.9 bp −$239	77.2 bp −$7,722	doesn't fit
Sell Kraken Futures live order book, 2 min ago	5.10 bp	13.4 bp −$13	35.6 bp −$356	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
Kraken Futures PF_ICPUSDshort	−0.0314%	1h	2.9460	−0.001%	$522K	$663K	50x
Deribit ICP_USDC-PERPETUAL	−0.0124%	1h	2.9432	−0.095%	$191	$439	50x	as long as short
Phemex ICPUSDT	−0.0094%	8h	2.9440	−0.068%	$1.8M	$677K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9450	−0.035%	$69K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9444	−0.054%	$10K	—	150x	as long as short
Variational Omni ICP	+0.0029%	8h	2.9370	−0.306%	$1.0M	$133K	—	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.696%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9438	−0.075%	$139K	$495K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9484	+0.081%	$4.5M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9458	−0.006%	$262K	$1.1M	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ICP	+0.0100%	1h	2.9462	+0.005%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9445	−0.052%	$28.8M	$48.9M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9410	−0.170%	$17.2M	$18.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9430	−0.102%	$5.7M	$14.9M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9440	−0.068%	$1.9M	$2.8M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9450	−0.034%	$18.8M	$9.9M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9440	−0.068%	$4.8M	$12.1M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9450	−0.034%	$7.0M	$4.7M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9440	−0.068%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9425	−0.120%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9425	−0.118%	$562K	$537K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9420	−0.136%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9400	−0.204%	$103K	$112K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9433	−0.091%	$23K	$127K	10x	as long as short
BloFin ICP-USDTlong	+0.0220%	8h	2.9460	long leg	$1.2M	$2.4M	75x
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9490	+0.102%	$57K	$68K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0410% / S −0.0331%	1h	2.9445	−0.050%	$29K	—	100x	as long as short