Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.267%

Price spread now: MEXC against Phemex+0.067%7-day average +0.146% · you sell dearer than you buy

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

Long on Phemex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+2.442%+$244 on $10k

Price spread, last 4 days (all we have)+0.143%+$14 · spread now +0.067%, 7d avg +0.146%

Together, before fees+2.586%+$259 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.079% cheaper against Phemex than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.146%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ICPUSDT	2.9790	0.0100	pay 0.0100% / 8h	5h 26m	$1.8M	$794K	50x
Short	MEXC ICP_USDT	2.9810	0.0100	get 0.0100% / 8h	5h 26m	$19.7M	$10.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.067%Rate

Funding earned: $0
Price spread: +0.067% → +0.146%: −$7.92
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$19.92
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; MEXC: live order book, 2 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	5.04 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.67 bp	4.7 bp −$5	13.5 bp −$135	70.4 bp −$7,036	144.2 bp −$72.1K

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
dYdX ICP-USD	0.0000%	1h	2.9774	−0.052%	$69K	$4K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9802	+0.040%	$266	$464	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	2.9802	+0.042%	$23K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−0.420%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0065%	8h	2.9889	+0.332%	$1.1M	$116K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9828	+0.128%	$161K	$484K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9851	+0.205%	$4.6M	$5.0M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9819	+0.099%	$274K	$1.7M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9796	+0.021%	$135K	$10K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9808	+0.061%	$29.3M	$53.5M	75x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ICPUSDT	+0.0100%	8h	2.9800	+0.034%	$17.3M	$19.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9820	+0.101%	$5.8M	$17.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9800	+0.034%	$1.9M	$3.1M	50x	as long as short
MEXC ICP_USDTshort	+0.0100%	8h	2.9810	+0.067%	$19.7M	$10.3M	50x
KuCoin ICPUSDTM	+0.0100%	8h	2.9790	0.000%	$4.8M	$13.2M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9820	+0.101%	$7.0M	$4.9M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9810	+0.067%	—	$6.0M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9860	+0.235%	$23K	$278K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9844	+0.181%	$567K	$492K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9790	0.000%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9760	−0.101%	$104K	$181K	20x	as long as short
Phemex ICPUSDTlong	+0.0100%	8h	2.9790	long leg	$1.8M	$794K	50x
Extended ICP-USD	+0.0104%	1h	2.9795	+0.017%	$23K	$126K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9800	+0.034%	$1.3M	$2.2M	75x	as long as short
Kraken Futures PF_ICPUSD	+0.0294%	1h	2.9839	+0.164%	$525K	$641K	50x	as long as short
Coinbase International ICP-PERP-INTX	+0.0320%	1h	2.9840	+0.168%	$67K	$71K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0506% / S −0.0480%	1h	2.9796	+0.022%	$37K	—	100x	as long as short