Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.276%

Price spread now: edgeX against Phemex+0.189%78s7-day average +0.080% · you sell dearer than you buy

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

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.504%+$250 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now +0.189%, 7d avg +0.080%

Together, before fees+2.464%+ Points / potential airdropedgeX: Active · farm board+$246 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and edgeX is 0.109% dearer against Phemex than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.080%. The two prices were read 78 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	Phemex ICPUSDT	2.9390	−0.0034	get 0.0034% / 8h	2h 05m	$1.7M	$673K	50x
Short	edgeX ICPUSDC	2.9446	0.0100	get 0.0050% / 4h	2h 05m	$23K	$278K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Phemex. 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 PhemexbpFee edgeXbpOrdersPrice spread, now +0.189%Rate

Funding earned: $28.14
Price spread: +0.189% → +0.080%: $10.91
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $18.05
Costs to cover: 0.210%
Break-even: 2.5 days

Slippage unknown: Phemex: live order book, 2 min ago; edgeX: live order book, 42 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 Phemex live order book, 2 min ago	1.70 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 42 min ago	6.84 bp	11.5 bp −$12	26.5 bp −$265	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	−0.0122%	1h	2.9537	+0.500%	$192	$439	50x	as long as short
Kraken Futures PF_ICPUSD	−0.0068%	1h	2.9568	+0.606%	$525K	$667K	50x	as long as short
Phemex ICPUSDTlong	−0.0034%	8h	2.9390	long leg	$1.7M	$673K	50x
dYdX ICP-USD	0.0000%	1h	2.9501	+0.378%	$69K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9540	+0.510%	$10K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.936%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0064%	8h	2.9530	+0.476%	$1.0M	$133K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9558	+0.572%	$140K	$496K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9586	+0.667%	$4.6M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9563	+0.589%	$264K	$1.3M	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	2.9518	+0.436%	$134K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9558	+0.571%	$28.9M	$48.9M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9540	+0.510%	$17.3M	$17.9M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9540	+0.510%	$5.7M	$15.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9550	+0.544%	$1.9M	$2.9M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9560	+0.578%	$18.6M	$10.0M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9550	+0.544%	$4.9M	$12.2M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9570	+0.612%	$7.0M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9540	+0.510%	—	$5.8M	—	as long as short
edgeX ICPUSDCshort	+0.0100%	4h	2.9446	+0.189%	$23K	$278K	10x
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9460	+0.237%	$569K	$505K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9530	+0.476%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9500	+0.374%	$103K	$118K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9538	+0.505%	$23K	$131K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9460	+0.238%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0336%	1h	2.9550	+0.544%	$57K	$70K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0433% / S −0.0367%	1h	2.9537	+0.501%	$31K	—	100x	as long as short