Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0380%/8h= +41.6% APRpaid last 24h +0.070%

Price spread now: GMX against MEXC−0.063%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.063% cheaper against MEXC than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 13 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ICP_USDT	2.9640	0.0100	pay 0.0100% / 8h	5h 04m	$19.7M	$10.3M	50x
Short	GMX ICP/USD [WBTC.b-USDC]	2.9621	L +0.0504% / S −0.0480%	get 0.0060% / 1h	4m 02s	$37K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $79.79
Price spread: −0.063% → 0.000%: −$6.33
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $61.47
Costs to cover: 0.120%
Break-even: 1.6 days

Slippage unknown: MEXC: live order book, 5 min ago; GMX: no order-book sample. 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 MEXC live order book, 5 min ago	1.68 bp	4.6 bp −$5	12.8 bp −$128	59.8 bp −$5,982	145.0 bp −$72.5K
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0020%	1h	2.9617	−0.078%	$264	$464	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9654	+0.047%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	2.9623	−0.058%	$22K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.084%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0086%	8h	2.9579	−0.205%	$1.1M	$116K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9659	+0.064%	$158K	$487K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9634	−0.021%	$272K	$1.7M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9643	+0.011%	$134K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9640	0.000%	$29.2M	$53.1M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9630	−0.034%	$17.2M	$18.9M	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-SWAP	+0.0100%	8h	2.9640	0.000%	$5.7M	$16.8M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9630	−0.034%	$1.9M	$3.2M	50x	as long as short
MEXC ICP_USDTlong	+0.0100%	8h	2.9640	long leg	$19.7M	$10.3M	50x
KuCoin ICPUSDTM	+0.0100%	8h	2.9630	−0.034%	$4.8M	$13.1M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9650	+0.034%	$7.0M	$4.9M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9610	−0.101%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9696	+0.187%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9750	+0.370%	$565K	$483K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9620	−0.067%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9610	−0.101%	$104K	$181K	20x	as long as short
Phemex ICPUSDT	+0.0100%	8h	2.9610	−0.101%	$1.8M	$794K	50x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9639	−0.003%	$23K	$122K	10x	as long as short
Hyperliquid ICP	+0.0134%	1h	2.9679	+0.132%	$4.6M	$5.0M	5x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9620	−0.067%	$1.3M	$2.2M	75x	as long as short
Kraken Futures PF_ICPUSD	+0.0296%	1h	2.9645	+0.018%	$522K	$642K	50x	as long as short
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9700	+0.202%	$67K	$68K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]short	L +0.0504% / S −0.0480%	1h	2.9621	−0.063%	$37K	—	100x