Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0125%/8h= +13.7% APRpaid last 24h +0.081%

Price spread now: Variational Omni against Deribit−0.285%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.285% cheaper against Deribit than usual: you would sell low and buy high (spread −0.285% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$28 on $10k: about 7.6 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ICP_USDC-PERPETUAL	2.9779	−0.0354	get 0.0044% / 1h	10m 02s	$265	$464	50x
Short	Variational Omni ICP	2.9694	−0.0229	pay 0.0229% / 8h	2h 10m	$1.1M	$121K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.285%Rate

Funding earned: $26.31
Price spread: −0.285% → 0.000%: −$28.46
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$9.15
Costs to cover: 0.070%
Break-even: 9.4 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	4.40 bp	doesn't fit	28.4 bp −$284	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
Phemex ICPUSDT	−0.1344%	8h	2.9660	−0.400%	$1.7M	$778K	50x	as long as short
Deribit ICP_USDC-PERPETUALlong	−0.0354%	1h	2.9779	long leg	$265	$464	50x
Variational Omni ICPshort	−0.0229%	8h	2.9694	−0.285%	$1.1M	$121K	—
Injective ICP/USDC PERP	−0.0199%	1h	2.9665	−0.383%	$202	$200K	12x	as long as short
Gate ICP_USDT	−0.0089%	8h	2.9750	−0.097%	$1.9M	$2.7M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9749	−0.101%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0010%	1h	2.9787	+0.026%	$27K	—	150x	as long as short
Bybit ICPUSDT	+0.0037%	8h	2.9740	−0.131%	$17.1M	$17.7M	75x	as long as short
Lighter ICP	+0.0096%	1h	2.9805	+0.087%	$166K	$443K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9771	−0.028%	$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	2.9759	−0.068%	$135K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9771	−0.026%	$29.0M	$49.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9750	−0.097%	$5.8M	$15.7M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9780	+0.003%	$19.5M	$8.6M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9770	−0.030%	$5.2M	$12.9M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9780	+0.003%	$6.8M	$4.5M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9750	−0.097%	—	$4.9M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9784	+0.016%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9700	−0.266%	$568K	$469K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9760	−0.064%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9740	−0.131%	$106K	$219K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9767	−0.039%	$24K	$123K	10x	as long as short
Kraken Futures PF_ICPUSD	+0.0148%	1h	2.9785	+0.020%	$488K	$518K	50x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9740	−0.131%	$1.2M	$2.2M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0232%	1h	2.9890	+0.373%	$62K	$89K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0432% / S −0.0367%	1h	2.9784	+0.018%	$31K	—	100x	as long as short
Hyperliquid ICP	+0.0850%	1h	2.9831	+0.175%	$4.7M	$5.0M	5x	as long as short