Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.089%

Price spread now: Lighter against Variational Omni−0.306%7-day average +0.110% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.199%+$20 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now −0.306%, 7d avg +0.110%

Together, before fees0.000%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.416% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.306% now, against its 7-day average of +0.110%). If the spread goes back, that is −$42 on $10k: about 5.5 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ICP	2.9490	−0.0157	get 0.0157% / 8h	7h 31m	$1.0M	$135K	—
Short	Lighter ICP	2.9400	0.0096	get 0.0012% / 1h	31m 26s	$137K	$487K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.306%Rate

Funding earned: $53.08
Price spread: −0.306% → +0.110%: −$41.58
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $11.5
Costs to cover: 0.000%
Break-even: 5.5 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter: live order book, 58 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 Variational Omni RFQ quote, 3 min ago	4.41 bp	doesn't fit	32.1 bp −$321	doesn't fit	doesn't fit
Sell Lighter live order book, 58 min ago	1.69 bp	16.4 bp −$16	38.0 bp −$380	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_ICPUSD	−0.0341%	1h	2.9424	−0.223%	$521K	$655K	50x	as long as short
Variational Omni ICPlong	−0.0157%	8h	2.9490	long leg	$1.0M	$135K	—
dYdX ICP-USD	0.0000%	1h	2.9408	−0.280%	$68K	$1K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9390	−0.340%	$191	$439	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9393	−0.331%	$6K	—	150x	as long as short
Bybit ICPUSDT	+0.0011%	8h	2.9370	−0.407%	$17.0M	$17.8M	75x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.593%	$202	$200K	12x	as long as short
Phemex ICPUSDT	+0.0084%	8h	2.9390	−0.340%	$1.7M	$687K	50x	as long as short
Lighter ICPshort	+0.0096%	1h	2.9400	−0.306%	$137K	$487K	5x
Aster ICPUSDT	+0.0100%	8h	2.9415	−0.254%	$276K	$1.0M	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	2.9387	−0.350%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9390	−0.340%	$28.7M	$48.1M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9380	−0.373%	$5.7M	$14.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9380	−0.373%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9390	−0.340%	$19.3M	$9.8M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9390	−0.340%	$4.9M	$11.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9400	−0.306%	$7.0M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9380	−0.373%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9428	−0.210%	$23K	$280K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9480	−0.035%	$560K	$589K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9390	−0.340%	$2K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9400	−0.306%	$103K	$115K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9382	−0.365%	$22K	$233K	10x	as long as short
Hyperliquid ICP	+0.0144%	1h	2.9439	−0.173%	$4.5M	$4.6M	5x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9430	−0.204%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0416%	1h	2.9540	+0.169%	$58K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0455% / S −0.0403%	1h	2.9388	−0.346%	$32K	—	100x	as long as short