Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0311%/8h= −34.1% APRpaid last 24h −0.033%

Price spread now: Kraken Futures against Gate+0.150%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$880.882% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now +0.150%, 7d avg +0.081%

Together, before fees−0.371%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.068% dearer against Gate than usual: you sell high and buy low (spread +0.150% now, against its 7-day average of +0.081%): +$7 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.244% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ICP_USDT	2.9460	0.0100	pay 0.0100% / 8h	12m 05s	$1.9M	$2.9M	50x
Short	Kraken Futures PF_ICPUSD	2.9504	−0.0211	pay 0.0026% / 1h	12m 05s	$522K	$659K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.150%Rate

Funding earned: −$65.39
Price spread: +0.150% → +0.081%: $6.84
Slippage, 4 orders: −$63.2
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$146.75
Costs to cover: 0.882%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Kraken Futures: live order book, 26 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 Gate live order book, 1 min ago	3.39 bp	19.9 bp −$20	42.7 bp −$427	65.9 bp −$6,590	doesn't fit
Sell Kraken Futures live order book, 26 min ago	8.47 bp	22.5 bp −$22	39.5 bp −$395	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
Phemex ICPUSDT	−0.0260%	8h	2.9450	−0.034%	$1.8M	$686K	50x	as long as short
Kraken Futures PF_ICPUSDshort	−0.0211%	1h	2.9504	+0.150%	$522K	$659K	50x
Variational Omni ICP	−0.0152%	8h	2.9460	+0.001%	$1.0M	$135K	—	as long as short
dYdX ICP-USD	0.0000%	1h	2.9491	+0.107%	$69K	$3K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9458	−0.007%	$192	$439	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9479	+0.064%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.696%	$202	$200K	12x	as long as short
Bybit ICPUSDT	+0.0054%	8h	2.9450	−0.034%	$17.0M	$17.9M	75x	as long as short
Lighter ICP	+0.0096%	1h	2.9470	+0.034%	$137K	$489K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9492	+0.109%	$4.5M	$4.6M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ICPUSDT	+0.0100%	8h	2.9485	+0.085%	$272K	$1.0M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9498	+0.127%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9461	+0.005%	$28.7M	$47.7M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9450	−0.034%	$5.7M	$14.2M	50x	as long as short
Gate ICP_USDTlong	+0.0100%	8h	2.9460	long leg	$1.9M	$2.9M	50x
MEXC ICP_USDT	+0.0100%	8h	2.9460	0.000%	$19.1M	$9.9M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9480	+0.068%	$4.9M	$11.5M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9480	+0.068%	$7.0M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9460	0.000%	—	$5.6M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9472	+0.041%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9459	−0.003%	$559K	$576K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9470	+0.034%	$2K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9460	0.000%	$103K	$115K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9466	+0.019%	$26K	$235K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9480	+0.068%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0376%	1h	2.9750	+0.984%	$58K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0456% / S −0.0403%	1h	2.9478	+0.063%	$33K	—	100x	as long as short