Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0117%/8h= +12.8% APRpaid last 24h −0.143%

Price spread now: Phemex against Deribit−0.060%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 Phemex

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. Phemex is 0.060% cheaper against Deribit than usual: you would sell low and buy high (spread −0.060% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 41 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ICP_USDC-PERPETUAL	2.9908	−0.0017	get 0.0002% / 1h	30m 56s	$267	$464	50x
Short	Phemex ICPUSDT	2.9890	0.0100	get 0.0100% / 8h	5h 30m	$1.8M	$793K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.060%Rate

Funding earned: $24.57
Price spread: −0.060% → 0.000%: −$6.02
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$0.45
Costs to cover: 0.190%
Break-even: 7.1 days

Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	1.68 bp	doesn't fit	doesn't fit	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
Deribit ICP_USDC-PERPETUALlong	−0.0017%	1h	2.9908	long leg	$267	$464	50x
dYdX ICP-USD	0.0000%	1h	2.9914	+0.020%	$70K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	2.9911	+0.011%	$23K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−0.812%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0065%	8h	2.9889	−0.064%	$1.1M	$116K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9941	+0.110%	$162K	$483K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9953	+0.150%	$4.6M	$5.0M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9932	+0.082%	$275K	$1.7M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9903	−0.017%	$135K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9925	+0.056%	$29.4M	$53.5M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ICPUSDT	+0.0100%	8h	2.9910	+0.007%	$17.5M	$19.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9920	+0.040%	$5.8M	$17.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9920	+0.040%	$1.9M	$3.1M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9930	+0.074%	$19.8M	$10.3M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9900	−0.027%	$4.9M	$13.2M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9920	+0.040%	$7.0M	$4.9M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9920	+0.040%	—	$6.0M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9877	−0.104%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9912	+0.015%	$568K	$492K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9900	−0.027%	$1K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9910	+0.007%	$105K	$181K	20x	as long as short
Phemex ICPUSDTshort	+0.0100%	8h	2.9890	−0.060%	$1.8M	$793K	50x
Extended ICP-USD	+0.0104%	1h	2.9916	+0.028%	$23K	$126K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9930	+0.074%	$1.3M	$2.2M	75x	as long as short
Kraken Futures PF_ICPUSD	+0.0293%	1h	2.9943	+0.117%	$527K	$641K	50x	as long as short
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9940	+0.107%	$67K	$71K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0507% / S −0.0480%	1h	2.9908	−0.001%	$37K	—	100x	as long as short