Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0267%/8h= +29.3% APRpaid last 24h +0.051%

Price spread now: GMX against BingX−0.072%7-day average — · you buy dearer than you sell

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

Long on BingX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.072% cheaper against BingX than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 21 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	BingX ICP-USDT	2.9740	0.0100	pay 0.0100% / 8h	2h 07m	—	$4.9M	—
Short	GMX ICP/USD [WBTC.b-USDC]	2.9719	L +0.0432% / S −0.0367%	get 0.0046% / 1h	7m 08s	$31K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now −0.072%Rate

Funding earned: $56.12
Price spread: −0.072% → 0.000%: −$7.16
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $26.97
Costs to cover: 0.220%
Break-even: 3.6 days

Slippage unknown: BingX: live order book, 12 min ago; GMX: no order-book sample. 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 BingX live order book, 12 min ago	1.67 bp	8.3 bp −$8	16.2 bp −$162	78.3 bp −$7,826	466.1 bp −$233.0K
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Phemex ICPUSDT	−0.1318%	8h	2.9650	−0.303%	$1.7M	$779K	50x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0356%	1h	2.9709	−0.104%	$265	$464	50x	as long as short
Variational Omni ICP	−0.0229%	8h	2.9694	−0.154%	$1.1M	$121K	—	as long as short
Injective ICP/USDC PERP	−0.0199%	1h	2.9665	−0.252%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0095%	8h	2.9710	−0.101%	$1.9M	$2.7M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9762	+0.072%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9726	−0.047%	$27K	—	150x	as long as short
Bybit ICPUSDT	+0.0037%	8h	2.9690	−0.168%	$17.1M	$17.7M	75x	as long as short
Lighter ICP	+0.0096%	1h	2.9730	−0.034%	$166K	$443K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9741	+0.002%	$187K	$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	2.9736	−0.014%	$135K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9701	−0.130%	$28.9M	$49.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9680	−0.202%	$5.8M	$15.6M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9710	−0.101%	$19.5M	$8.6M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9730	−0.034%	$5.2M	$12.9M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9710	−0.101%	$6.8M	$4.5M	50x	as long as short
BingX ICP-USDTlong	+0.0100%	8h	2.9740	long leg	—	$4.9M	—
edgeX ICPUSDC	+0.0100%	4h	2.9757	+0.056%	$23K	$277K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9750	+0.033%	$569K	$469K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9700	−0.134%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9720	−0.067%	$106K	$219K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9700	−0.135%	$25K	$124K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0148%	1h	2.9722	−0.059%	$487K	$518K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9670	−0.235%	$1.2M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0232%	1h	2.9890	+0.504%	$62K	$89K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]short	L +0.0432% / S −0.0367%	1h	2.9719	−0.072%	$31K	—	100x
Hyperliquid ICP	+0.0831%	1h	2.9756	+0.054%	$4.7M	$5.0M	5x	as long as short