Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0196%/8h= −21.4% APRpaid last 24h +0.059%

Price spread now: OKX against Kraken Futures−0.109%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$610.606% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.309%+$31 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now −0.109%, 7d avg −0.094%

Together, before fees+0.197%+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.094%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.309%, 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	2.9662	0.0296	pay 0.0037% / 1h	1m 21s	$523K	$630K	50x
Short	OKX ICP-USDT-SWAP	2.9630	0.0100	get 0.0100% / 8h	5h 01m	$5.7M	$16.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$41.08
Price spread: −0.109% → −0.094%: −$1.48
Slippage, 4 orders: −$40.6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$103.16
Costs to cover: 0.606%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 62 min ago; OKX: 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, 62 min ago	5.00 bp	20.2 bp −$20	46.3 bp −$463	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.69 bp	13.1 bp −$13	40.4 bp −$404	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	2.9624	−0.128%	$69K	$3K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9637	−0.086%	$264	$464	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	2.9642	−0.067%	$22K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.009%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0086%	8h	2.9579	−0.280%	$1.1M	$116K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9664	+0.005%	$158K	$487K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9653	−0.033%	$272K	$1.7M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9635	−0.091%	$134K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9644	−0.060%	$29.2M	$52.9M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9630	−0.109%	$17.2M	$18.8M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ICP-USDT-SWAPshort	+0.0100%	8h	2.9630	−0.109%	$5.7M	$16.7M	50x
Gate ICP_USDT	+0.0100%	8h	2.9640	−0.075%	$1.9M	$3.2M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9640	−0.075%	$20.0M	$10.4M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9630	−0.109%	$4.8M	$13.1M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9650	−0.042%	$7.0M	$4.9M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9650	−0.042%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9597	−0.219%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9635	−0.092%	$573K	$495K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9640	−0.075%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9610	−0.177%	$104K	$181K	20x	as long as short
Phemex ICPUSDT	+0.0100%	8h	2.9630	−0.109%	$1.8M	$793K	50x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9637	−0.084%	$22K	$127K	10x	as long as short
Hyperliquid ICP	+0.0141%	1h	2.9681	+0.063%	$4.6M	$5.0M	5x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9610	−0.177%	$1.3M	$2.2M	75x	as long as short
Kraken Futures PF_ICPUSDlong	+0.0296%	1h	2.9662	long leg	$523K	$630K	50x
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9700	+0.127%	$67K	$67K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0504% / S −0.0480%	1h	2.9637	−0.087%	$37K	—	100x	as long as short