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: Kraken Futures against Phemex+0.077%7-day average +0.209% · you sell dearer than you buy

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

Long on Phemex Short on Kraken Futures

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.131% cheaper against Phemex than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.209%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +2.095%, 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	Phemex ICPUSDT	2.9460	0.0002	pay 0.0002% / 8h	3h 15m	$1.8M	$787K	50x
Short	Kraken Futures PF_ICPUSD	2.9483	−0.0058	pay 0.0007% / 1h	15m 19s	$525K	$597K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice 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 Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$47.69
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Kraken Futures: live order book, 38 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, 3 min ago	8.48 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 38 min ago	6.74 bp	17.8 bp −$18	36.6 bp −$366	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	−0.024%	$192	$439	50x	as long as short
Kraken Futures PF_ICPUSDshort	−0.0058%	1h	2.9483	+0.077%	$525K	$597K	50x
dYdX ICP-USD	0.0000%	1h	2.9482	+0.075%	$69K	$3K	5x	as long as short
Phemex ICPUSDTlong	+0.0002%	8h	2.9460	long leg	$1.8M	$787K	50x
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0002%	1h	2.9483	+0.077%	$10K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.696%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0074%	8h	2.9450	−0.034%	$1.0M	$134K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9468	+0.027%	$143K	$491K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9501	+0.139%	$4.6M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9484	+0.083%	$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	+0.050%	$134K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9457	−0.012%	$28.8M	$48.4M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9440	−0.068%	$17.1M	$17.4M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9460	0.000%	$5.7M	$15.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9460	0.000%	$1.9M	$2.9M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9470	+0.034%	$18.6M	$10.2M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9470	+0.034%	$4.9M	$12.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9480	+0.068%	$7.0M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9470	+0.034%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9483	+0.078%	$23K	$281K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9500	+0.136%	$567K	$492K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9470	+0.034%	$2K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9450	−0.034%	$103K	$116K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9455	−0.017%	$22K	$133K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9490	+0.102%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0352%	1h	2.9530	+0.238%	$57K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0433% / S −0.0367%	1h	2.9473	+0.045%	$31K	—	100x	as long as short