Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0467%/8h= −51.2% APRpaid last 24h +0.070%

Price spread now: HTX against Kraken Futures−0.324%59s7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1181.175% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.396%+$40 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.324%, 7d avg −0.119%

Together, before fees+0.447%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and HTX is 0.205% cheaper against Kraken Futures than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.119%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.396%, so the current rate has only just turned against you. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ICPUSD	2.9756	0.0567	pay 0.0071% / 1h	9m 17s	$535K	$616K	50x
Short	HTX ICP-USDT	2.9660	0.0100	get 0.0100% / 8h	4h 09m	$104K	$117K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.324%Rate

Funding earned: −$98.11
Price spread: −0.324% → −0.119%: −$20.52
Slippage, 4 orders: −$95.52
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$236.14
Costs to cover: 1.175%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 49 min ago; HTX: 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 Kraken Futures live order book, 49 min ago	8.46 bp	19.8 bp −$20	62.9 bp −$629	doesn't fit	doesn't fit
Sell HTX live order book, 47 min ago	15.19 bp	52.8 bp −$53	doesn't fit	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
dYdX ICP-USD	0.0000%	1h	2.9607	−0.502%	$69K	$3K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9719	−0.126%	$265	$439	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	2.9720	−0.123%	$22K	—	150x	as long as short
Phemex ICPUSDT	+0.0010%	8h	2.9590	−0.559%	$1.8M	$791K	50x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−0.307%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0091%	8h	2.9630	−0.427%	$1.1M	$116K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9605	−0.509%	$157K	$487K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9626	−0.440%	$262K	$1.6M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9599	−0.528%	$134K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9701	−0.188%	$29.2M	$50.6M	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	2.9700	−0.190%	$17.2M	$18.2M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9720	−0.123%	$5.7M	$16.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9700	−0.190%	$1.9M	$3.0M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9720	−0.123%	$19.7M	$10.3M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9720	−0.123%	$4.9M	$12.6M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9730	−0.089%	$7.0M	$4.7M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9690	−0.223%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9631	−0.421%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9595	−0.543%	$568K	$458K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9600	−0.526%	$2K	$1.6M	20x	as long as short
HTX ICP-USDTshort	+0.0100%	8h	2.9660	−0.324%	$104K	$117K	20x
Extended ICP-USD	+0.0104%	1h	2.9702	−0.184%	$23K	$126K	10x	as long as short
Hyperliquid ICP	+0.0127%	1h	2.9745	−0.039%	$4.6M	$4.9M	5x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9680	−0.257%	$1.2M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9710	−0.156%	$67K	$61K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0435% / S −0.0367%	1h	2.9710	−0.155%	$31K	—	100x	as long as short
Kraken Futures PF_ICPUSDlong	+0.0567%	1h	2.9756	long leg	$535K	$616K	50x