Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.217%

Price spread now: Phemex against Kraken Futures−0.077%7-day average −0.209% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.095%−$210 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now −0.077%, 7d avg −0.209%

Together, before fees−2.097%−$210 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 0.131% dearer against Kraken Futures than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.209%. Mind the row above: over the last 7 days funding on this pair cost −2.095%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ICPUSD	2.9483	−0.0058	get 0.0007% / 1h	15m 08s	$525K	$597K	50x
Short	Phemex ICPUSDT	2.9460	0.0002	get 0.0002% / 8h	3h 15m	$1.8M	$787K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.077%Rate

Funding earned: $12.58
Price spread: −0.077% → −0.209%: $13.12
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $3.7
Costs to cover: 0.220%
Break-even: 4.9 days

Slippage unknown: Kraken Futures: live order book, 38 min ago; Phemex: live order book, 3 min ago. Net counts fees only.

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, 38 min ago	6.74 bp	23.4 bp −$23	48.0 bp −$480	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	8.48 bp	doesn't fit	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
Deribit ICP_USDC-PERPETUAL	−0.0089%	1h	2.9453	−0.101%	$192	$439	50x	as long as short
Kraken Futures PF_ICPUSDlong	−0.0058%	1h	2.9483	long leg	$525K	$597K	50x
dYdX ICP-USD	0.0000%	1h	2.9482	−0.003%	$69K	$3K	5x	as long as short
Phemex ICPUSDTshort	+0.0002%	8h	2.9460	−0.077%	$1.8M	$787K	50x
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9483	−0.001%	$10K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.618%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0074%	8h	2.9450	−0.112%	$1.0M	$134K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9468	−0.050%	$143K	$491K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9488	+0.018%	$4.6M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9482	−0.004%	$265K	$1.5M	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	2.9475	−0.028%	$134K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9448	−0.118%	$28.8M	$48.4M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9440	−0.145%	$17.1M	$17.4M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9460	−0.077%	$5.7M	$15.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9450	−0.111%	$1.9M	$2.9M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9460	−0.077%	$18.6M	$10.2M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9460	−0.077%	$4.9M	$12.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9480	−0.009%	$7.0M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9460	−0.077%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9483	0.000%	$23K	$281K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9500	+0.059%	$567K	$492K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9470	−0.043%	$2K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9450	−0.111%	$103K	$116K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9455	−0.095%	$22K	$133K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9490	+0.024%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0352%	1h	2.9530	+0.160%	$57K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0433% / S −0.0367%	1h	2.9473	−0.033%	$31K	—	100x	as long as short