Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.108%

Price spread now: SunX against Deribit−0.057%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on SunX

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

Funding pays, the price is against you. SunX is 0.057% cheaper against Deribit than usual: you would sell low and buy high (spread −0.057% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 46 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ICP_USDC-PERPETUAL	2.9677	0	get 0.0000% / 1h	21m 58s	$193	$439	50x
Short	SunX ICP-USDT	2.9660	0.0100	get 0.0100% / 8h	7h 21m	$1K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now −0.057%Rate

Funding earned: $21
Price spread: −0.057% → 0.000%: −$5.73
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $0.27
Costs to cover: 0.150%
Break-even: 6.9 days

Slippage unknown: Deribit: no order-book sample; SunX: live order book, 3 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 Deribit no order-book sample	—	—	—	—	—
Sell SunX live order book, 3 min ago	47.46 bp	74.5 bp −$75	doesn't fit	doesn't fit	doesn't fit

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
Kraken Futures PF_ICPUSD	−0.0338%	1h	2.9699	+0.076%	$526K	$654K	50x	as long as short
Variational Omni ICP	−0.0164%	8h	2.9309	−1.239%	$1.0M	$135K	—	as long as short
Phemex ICPUSDT	−0.0148%	8h	2.9680	+0.010%	$1.8M	$688K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9677	+0.002%	$69K	$2K	5x	as long as short
Deribit ICP_USDC-PERPETUALlong	0.0000%	1h	2.9677	long leg	$193	$439	50x
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9680	+0.010%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−0.040%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9682	+0.017%	$137K	$489K	5x	as long as short
Bybit ICPUSDT	+0.0098%	8h	2.9640	−0.125%	$17.2M	$17.8M	75x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9680	+0.010%	$279K	$978K	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	2.9672	−0.018%	$134K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9658	−0.064%	$28.9M	$48.1M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9630	−0.158%	$5.7M	$14.1M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9650	−0.091%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9670	−0.024%	$19.1M	$9.9M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9670	−0.024%	$4.9M	$11.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9670	−0.024%	$7.0M	$4.4M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9660	−0.057%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9415	−0.883%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9418	−0.873%	$559K	$578K	10x	as long as short
SunX ICP-USDTshort	+0.0100%	8h	2.9660	−0.057%	$1K	$1.5M	20x
HTX ICP-USDT	+0.0100%	8h	2.9630	−0.158%	$103K	$114K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9670	−0.024%	$22K	$233K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9630	−0.158%	$1.3M	$2.4M	75x	as long as short
Hyperliquid ICP	+0.0229%	1h	2.9714	+0.125%	$4.6M	$4.5M	5x	as long as short
Coinbase International ICP-PERP-INTX	+0.0416%	1h	2.9700	+0.078%	$58K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0456% / S −0.0403%	1h	2.9610	−0.226%	$33K	—	100x	as long as short