Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0223%/8h= +24.4% APRpaid last 24h +0.118%

Price spread now: edgeX against Deribit−0.185%7-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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.185% cheaper against Deribit than usual: you would sell low and buy high (spread −0.185% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 2.8 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ICP_USDC-PERPETUAL	2.9454	−0.0123	get 0.0015% / 1h	48m 26s	$192	$439	50x
Short	edgeX ICPUSDC	2.9400	0.0100	get 0.0050% / 4h	1h 48m	$23K	$279K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.185%Rate

Funding earned: $46.83
Price spread: −0.185% → 0.000%: −$18.49
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $12.34
Costs to cover: 0.160%
Break-even: 5.2 days

Slippage unknown: Deribit: no order-book sample; edgeX: live order book, 59 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 edgeX live order book, 59 min ago	6.84 bp	11.5 bp −$12	26.5 bp −$265	doesn't fit	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
Kraken Futures PF_ICPUSD	−0.0314%	1h	2.9481	+0.091%	$522K	$663K	50x	as long as short
Deribit ICP_USDC-PERPETUALlong	−0.0123%	1h	2.9454	long leg	$192	$439	50x
Phemex ICPUSDT	−0.0113%	8h	2.9450	−0.014%	$1.8M	$677K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9500	+0.156%	$69K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9477	+0.077%	$10K	—	150x	as long as short
Variational Omni ICP	+0.0032%	8h	2.9415	−0.132%	$1.0M	$132K	—	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.716%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9494	+0.136%	$139K	$495K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9496	+0.143%	$4.5M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9480	+0.088%	$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	2.9495	+0.140%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9465	+0.037%	$28.8M	$48.9M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9440	−0.048%	$17.2M	$18.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9450	−0.014%	$5.7M	$15.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9470	+0.054%	$1.9M	$2.8M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9460	+0.020%	$18.8M	$9.9M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9470	+0.054%	$4.8M	$12.1M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9480	+0.088%	$7.0M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9460	+0.020%	—	$5.8M	—	as long as short
edgeX ICPUSDCshort	+0.0100%	4h	2.9400	−0.185%	$23K	$279K	10x
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9428	−0.088%	$566K	$524K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9460	+0.020%	$2K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9460	+0.020%	$103K	$117K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9477	+0.078%	$23K	$127K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9420	−0.115%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9650	+0.665%	$58K	$70K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0411% / S −0.0331%	1h	2.9468	+0.048%	$29K	—	100x	as long as short