Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h +0.035%

Price spread now: Binance against Kraken Futures−0.089%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$600.603% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.369%+$37 on $10k

Price spread, last 4 days (all we have)+0.244%+$24 · spread now −0.089%, 7d avg −0.065%

Together, before fees+0.613%+$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.025% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.065%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.369%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ICPUSD	2.9376	0.0188	pay 0.0023% / 1h	48m 11s	$523K	$585K	50x
Short	Binance ICPUSDT	2.9350	0.0100	get 0.0100% / 8h	5h 48m	$28.4M	$47.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.089%Rate

Funding earned: −$18.4
Price spread: −0.089% → −0.065%: −$2.49
Slippage, 4 orders: −$40.27
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$81.15
Costs to cover: 0.603%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 63 min ago; Binance: live order book, 2 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 Kraken Futures live order book, 63 min ago	6.80 bp	23.3 bp −$23	48.5 bp −$485	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	1.70 bp	9.8 bp −$10	21.6 bp −$216	176.8 bp −$17.7K	doesn't fit

ICP on 27 exchanges

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	−0.0338%	8h	2.9340	−0.124%	$1.7M	$703K	50x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0193%	1h	2.9339	−0.127%	$191	$439	50x	as long as short
Variational Omni ICP	−0.0156%	8h	2.9358	−0.064%	$1.1M	$195K	—	as long as short
dYdX ICP-USD	0.0000%	1h	2.9352	−0.081%	$68K	$2K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9341	−0.121%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.983%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9353	−0.079%	$135K	$452K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9360	−0.055%	$251K	$909K	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9350	−0.091%	$132K	$9K	5x	as long as short
Binance ICPUSDTshort	+0.0100%	8h	2.9350	−0.089%	$28.4M	$47.0M	75x

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ICPUSDT	+0.0100%	8h	2.9330	−0.158%	$17.1M	$17.1M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9340	−0.124%	$5.7M	$12.8M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9330	−0.158%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9350	−0.089%	$18.4M	$9.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9350	−0.089%	$4.9M	$10.8M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9350	−0.089%	$7.0M	$4.3M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9340	−0.124%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9372	−0.016%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9423	+0.157%	$570K	$612K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9340	−0.124%	$1K	$1.4M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9440	+0.217%	$103K	$124K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9340	−0.122%	$23K	$242K	10x	as long as short
Kraken Futures PF_ICPUSDlong	+0.0188%	1h	2.9376	long leg	$523K	$585K	50x
BloFin ICP-USDT	+0.0220%	8h	2.9360	−0.055%	$1.2M	$2.3M	75x	as long as short
Hyperliquid ICP	+0.0285%	1h	2.9394	+0.060%	$4.6M	$4.3M	5x	as long as short
Coinbase International ICP-PERP-INTX	+0.0424%	1h	2.9570	+0.659%	$58K	$63K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0424% / S −0.0357%	1h	2.9347	−0.100%	$30K	—	100x	as long as short