Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0415%/8h= −45.4% APRpaid last 24h −0.038%

Price spread now: Kraken Futures against MEXC+0.111%7-day average +0.062% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.350%−$35 on $10k

Price spread, last 4 days (all we have)−0.217%−$22 · spread now +0.111%, 7d avg +0.062%

Together, before fees−0.567%−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.050% dearer against MEXC than usual: you sell high and buy low (spread +0.111% now, against its 7-day average of +0.062%): +$5 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.350% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ICP_USDT	2.9380	0.0100	pay 0.0100% / 8h	1h 52m	$18.5M	$9.9M	50x
Short	Kraken Futures PF_ICPUSD	2.9413	−0.0315	pay 0.0039% / 1h	52m 13s	$521K	$664K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.111%Rate

Funding earned: −$87.13
Price spread: +0.111% → +0.062%: $4.96
Slippage, 4 orders: −$33.18
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$125.35
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Kraken Futures: live order book, 56 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 MEXC live order book, 1 min ago	1.70 bp	4.6 bp −$5	11.8 bp −$118	58.6 bp −$5,860	129.9 bp −$65.0K
Sell Kraken Futures live order book, 56 min ago	6.82 bp	17.8 bp −$18	45.7 bp −$457	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
Kraken Futures PF_ICPUSDshort	−0.0315%	1h	2.9413	+0.111%	$521K	$664K	50x
Phemex ICPUSDT	−0.0117%	8h	2.9390	+0.034%	$1.7M	$676K	50x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0090%	1h	2.9396	+0.054%	$191	$439	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9420	+0.136%	$68K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9403	+0.078%	$10K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.970%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0047%	8h	2.9450	+0.238%	$1.0M	$132K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9400	+0.068%	$139K	$495K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9426	+0.156%	$4.5M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9391	+0.039%	$261K	$1.1M	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	2.9420	+0.137%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9400	+0.068%	$28.8M	$48.9M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9360	−0.068%	$17.1M	$18.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9370	−0.034%	$5.6M	$14.9M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9380	0.000%	$1.8M	$2.8M	50x	as long as short
MEXC ICP_USDTlong	+0.0100%	8h	2.9380	long leg	$18.5M	$9.9M	50x
KuCoin ICPUSDTM	+0.0100%	8h	2.9390	+0.034%	$4.8M	$12.1M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9410	+0.102%	$6.9M	$4.7M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9390	+0.034%	—	$5.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9447	+0.228%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9421	+0.140%	$566K	$524K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9380	0.000%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9390	+0.034%	$103K	$117K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9382	+0.006%	$23K	$127K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9420	+0.136%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9650	+0.919%	$58K	$70K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0410% / S −0.0331%	1h	2.9402	+0.076%	$29K	—	100x	as long as short