Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0182%/8h= +19.9% APRpaid last 24h +0.106%

Price spread now: Bybit against Deribit−0.100%45s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.100% cheaper against Deribit than usual: you would sell low and buy high (spread −0.100% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 44 hours of funding at the current rate (+$5 a day). The two prices were read 45 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	Deribit ICP_USDC-PERPETUAL	3.0100	−0.0082	get 0.0010% / 1h	47m 34s	$268	$464	50x
Short	Bybit ICPUSDT	3.0070	0.0100	get 0.0100% / 8h	6h 47m	$17.8M	$19.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.100%Rate

Funding earned: $38.22
Price spread: −0.100% → 0.000%: −$9.97
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $10.25
Costs to cover: 0.180%
Break-even: 5.1 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 1 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 Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	1.66 bp	11.9 bp −$12	33.1 bp −$331	422.1 bp −$42.2K	doesn't fit

Deribit: 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-PERPETUALlong	−0.0082%	1h	3.0100	long leg	$268	$464	50x
Variational Omni ICP	−0.0025%	8h	3.0040	−0.198%	$1.1M	$118K	—	as long as short
dYdX ICP-USD	0.0000%	1h	3.0083	−0.056%	$70K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	3.0102	+0.008%	$23K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−1.445%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	3.0090	−0.033%	$165K	$488K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	3.0111	+0.035%	$300K	$1.7M	20x	as long as short
Pacifica ICP	+0.0100%	1h	3.0080	−0.065%	$136K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	3.0070	−0.100%	$30.0M	$54.1M	75x	as long as short
Bybit ICPUSDTshort	+0.0100%	8h	3.0070	−0.100%	$17.8M	$19.0M	75x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ICP-USDT-SWAP	+0.0100%	8h	3.0060	−0.133%	$5.9M	$17.2M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	3.0080	−0.066%	$1.9M	$3.0M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	3.0080	−0.066%	$19.2M	$9.9M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	3.0060	−0.133%	$5.0M	$13.5M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	3.0080	−0.066%	$7.1M	$4.9M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	3.0090	−0.033%	—	$6.1M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	3.0132	+0.105%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	3.0126	+0.087%	$572K	$477K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	3.0140	+0.133%	$2K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	3.0080	−0.066%	$105K	$240K	20x	as long as short
Phemex ICPUSDT	+0.0100%	8h	3.0170	+0.233%	$1.8M	$788K	50x	as long as short
Extended ICP-USD	+0.0104%	1h	3.0064	−0.121%	$22K	$128K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	3.0060	−0.133%	$1.3M	$2.3M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0256%	1h	3.0190	+0.299%	$61K	$69K	50x	as long as short
Hyperliquid ICP	+0.0459%	1h	3.0129	+0.096%	$4.8M	$5.1M	5x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0509% / S −0.0480%	1h	3.0096	−0.012%	$37K	—	100x	as long as short
Kraken Futures PF_ICPUSD	+0.0891%	1h	3.0133	+0.109%	$546K	$620K	50x	as long as short