Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0251%/8h= +27.5% APRpaid last 24h +0.090%

Price spread now: Pacifica against Variational Omni+0.065%7-day average +0.114% · you sell dearer than you buy

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

Long on Variational Omni Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.208%+$21 on $10k

Price spread, last 4 days (all we have)−0.554%−$55 · spread now +0.065%, 7d avg +0.114%

Together, before fees−0.346%+ Points / potential airdropVariational Omni: Active · Pacifica: Active · farm board−$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Pacifica is 0.050% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.065% now, against its 7-day average of +0.114%). If the spread goes back, that is −$5 on $10k: about 16 hours 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	2.9540	−0.0151	get 0.0151% / 8h	7h 49m	$1.0M	$135K	—
Short	Pacifica ICP	2.9559	0.0100	get 0.0013% / 1h	49m 13s	$133K	$9K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.065%Rate

Funding earned: $52.69
Price spread: +0.065% → +0.114%: −$4.96
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $39.73
Costs to cover: 0.080%
Break-even: 1.7 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Pacifica: live order book, 48 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, 5 min ago	4.41 bp	doesn't fit	27.1 bp −$271	doesn't fit	doesn't fit
Sell Pacifica live order book, 48 min ago	18.82 bp	25.4 bp −$25	doesn't fit	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	−0.0339%	1h	2.9619	+0.265%	$525K	$654K	50x	as long as short
Variational Omni ICPlong	−0.0151%	8h	2.9540	long leg	$1.0M	$135K	—
dYdX ICP-USD	0.0000%	1h	2.9560	+0.066%	$69K	$3K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9583	+0.145%	$192	$439	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9580	+0.135%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.423%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9594	+0.182%	$138K	$485K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9605	+0.220%	$4.5M	$4.6M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9600	+0.203%	$277K	$1.0M	20x	as long as short
Pacifica ICPshort	+0.0100%	1h	2.9559	+0.065%	$133K	$9K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ICPUSDT	+0.0100%	8h	2.9590	+0.169%	$28.8M	$47.8M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9550	+0.033%	$17.1M	$17.8M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9560	+0.067%	$5.7M	$14.2M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9570	+0.101%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9580	+0.135%	$19.4M	$9.7M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9570	+0.101%	$4.9M	$11.4M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9590	+0.169%	$7.0M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9570	+0.101%	—	$5.6M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9548	+0.028%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9559	+0.065%	$574K	$577K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9590	+0.169%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9540	0.000%	$103K	$114K	20x	as long as short
Phemex ICPUSDT	+0.0100%	8h	2.9570	+0.101%	$1.8M	$686K	50x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9577	+0.123%	$26K	$235K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9590	+0.169%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0416%	1h	2.9750	+0.710%	$58K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0456% / S −0.0403%	1h	2.9581	+0.137%	$33K	—	100x	as long as short