Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.123%

Price spread now: Deribit against Bybit+0.073%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Deribit is 0.073% dearer against Bybit than usual: you sell high and buy low (spread +0.073% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ICPUSDT	3.0000	0.0100	pay 0.0100% / 8h	1h 15m	$17.4M	$17.9M	75x
Short	Deribit ICP_USDC-PERPETUAL	3.0022	0	get 0.0000% / 1h	15m 43s	$268	$464	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$21
Price spread: +0.073% → 0.000%: $7.33
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$31.67
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Deribit: 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 Bybit live order book, 3 min ago	1.67 bp	13.2 bp −$13	35.8 bp −$358	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.1485%	8h	2.9830	−0.567%	$1.7M	$772K	50x	as long as short
Variational Omni ICP	−0.0166%	8h	2.9981	−0.062%	$1.1M	$107K	—	as long as short
Injective ICP/USDC PERP	−0.0152%	1h	2.9665	−1.117%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0054%	8h	2.9990	−0.033%	$1.9M	$2.8M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	3.0029	+0.096%	$70K	$4K	5x	as long as short
Deribit ICP_USDC-PERPETUALshort	0.0000%	1h	3.0022	+0.073%	$268	$464	50x
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	3.0024	+0.081%	$27K	—	150x	as long as short
Lighter ICP	+0.0096%	1h	3.0039	+0.130%	$166K	$443K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	3.0046	+0.153%	$203K	$1.4M	20x	as long as short
Pacifica ICP	+0.0100%	1h	3.0020	+0.068%	$136K	$11K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ICPUSDT	+0.0100%	8h	3.0009	+0.030%	$29.7M	$50.3M	75x	as long as short
Bybit ICPUSDTlong	+0.0100%	8h	3.0000	long leg	$17.4M	$17.9M	75x
OKX ICP-USDT-SWAP	+0.0100%	8h	3.0000	0.000%	$5.9M	$16.1M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	3.0010	+0.033%	$19.6M	$8.8M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	3.0000	0.000%	$5.1M	$13.0M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	3.0020	+0.067%	$6.9M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	3.0010	+0.033%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	3.0006	+0.021%	$23K	$278K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	3.0022	+0.075%	$575K	$435K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	3.0010	+0.033%	$1K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9980	−0.067%	$107K	$219K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	3.0009	+0.030%	$25K	$118K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9980	−0.067%	$1.2M	$2.3M	75x	as long as short
Kraken Futures PF_ICPUSD	+0.0223%	1h	3.0029	+0.098%	$487K	$528K	50x	as long as short
Coinbase International ICP-PERP-INTX	+0.0240%	1h	3.0030	+0.100%	$63K	$91K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0506% / S −0.0480%	1h	3.0019	+0.062%	$37K	—	100x	as long as short
Hyperliquid ICP	+0.0677%	1h	3.0068	+0.227%	$4.8M	$5.0M	5x	as long as short