ICP

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0572%/8h= −62.7% APRnext payment −$0.72 per $10,000 · paid last 24h −0.093%

Price spread now: Lighter against Hyperliquid−0.060%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.221%−$22 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now −0.060%, 7d avg −0.114%

Together, before fees−0.281%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.054% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.060% now, against its 7-day average of −0.114%): +$5 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.221% in total) that is about 41 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.221% in total (about -11.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.72 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ICP	2.9956	0.0668	pay 0.0084% / 1h	27m 38s	$4.8M	$5.0M	5x
Short	Lighter ICP	2.9938	0.0096	get 0.0012% / 1h	27m 38s	$166K	$443K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Hyperliquid. 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 HyperliquidbpFee LighterbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$120.2
Price spread: −0.060% → −0.114%: $5.4
Slippage, 4 orders: −$27.04
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$150.84
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Lighter: live order book, 47 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 Hyperliquid live order book, 4 min ago	1.17 bp	8.9 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 47 min ago	0.67 bp	3.6 bp −$4	26.5 bp −$265	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	−0.1378%	8h	2.9790	−0.554%	$1.7M	$774K	50x	as long as short
Variational Omni ICP	−0.0178%	8h	2.9901	−0.183%	$1.1M	$107K	—	as long as short
Injective ICP/USDC PERP	−0.0152%	1h	2.9665	−0.971%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0080%	8h	2.9900	−0.187%	$1.9M	$2.8M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9915	−0.138%	$70K	$4K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9925	−0.103%	$267	$464	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9945	−0.038%	$27K	—	150x	as long as short
Bybit ICPUSDT	+0.0094%	8h	2.9880	−0.254%	$17.3M	$17.9M	75x	as long as short
Lighter ICPshort	+0.0096%	1h	2.9938	−0.060%	$166K	$443K	5x
Aster ICPUSDT	+0.0100%	8h	2.9928	−0.093%	$200K	$1.4M	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	2.9911	−0.150%	$136K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9910	−0.154%	$29.8M	$49.9M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9920	−0.120%	$5.9M	$16.0M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9910	−0.154%	$19.1M	$8.7M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9900	−0.187%	$5.1M	$13.0M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9930	−0.087%	$6.8M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9910	−0.154%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9946	−0.034%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9902	−0.179%	$572K	$469K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9940	−0.053%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9950	−0.020%	$106K	$219K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9914	−0.139%	$25K	$124K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9910	−0.154%	$1.2M	$2.3M	75x	as long as short
Kraken Futures PF_ICPUSD	+0.0223%	1h	2.9949	−0.022%	$488K	$526K	50x	as long as short
Coinbase International ICP-PERP-INTX	+0.0240%	1h	2.9980	+0.080%	$63K	$91K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0505% / S −0.0480%	1h	2.9938	−0.060%	$37K	—	100x	as long as short
Hyperliquid ICPlong	+0.0668%	1h	2.9956	long leg	$4.8M	$5.0M	5x