Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0214%/8h= +23.4% APRpaid last 24h +0.048%

Price spread now: BloFin against gTrade (Gains Network)−0.190%50s7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on BloFin

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. BloFin is 0.190% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.190% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 3.0 days of funding at the current rate (+$6 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ICP/USD	2.9686	L +0.0006% / S −0.0010%	pay 0.0001% / 1h	31m 30s	$26K	—	150x
Short	BloFin ICP-USDT	2.9630	0.0220	get 0.0220% / 8h	3h 31m	$1.2M	$2.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BloFinbpOrdersPrice spread, now −0.190%Rate

Funding earned: $44.87
Price spread: −0.190% → 0.000%: −$19
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $3.88
Costs to cover: 0.220%
Break-even: 6.4 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BloFin: live order book, 2 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell BloFin live order book, 2 min ago	6.74 bp	12.7 bp −$13	18.1 bp −$181	66.0 bp −$6,598	doesn't fit

gTrade (Gains Network): 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	−0.1491%	8h	2.9490	−0.662%	$1.7M	$784K	50x	as long as short
Kraken Futures PF_ICPUSD	−0.0501%	1h	2.9706	+0.068%	$495K	$524K	50x	as long as short
Variational Omni ICP	−0.0355%	8h	2.9640	−0.155%	$1.1M	$104K	—	as long as short
Injective ICP/USDC PERP	−0.0320%	1h	2.9175	−1.723%	$198	$88K	12x	as long as short
Deribit ICP_USDC-PERPETUAL	−0.0255%	1h	2.9689	+0.009%	$265	$464	50x	as long as short
Bybit ICPUSDT	−0.0200%	8h	2.9670	−0.055%	$17.2M	$17.3M	75x	as long as short
Gate ICP_USDT	−0.0177%	8h	2.9670	−0.055%	$1.8M	$2.7M	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9689	+0.009%	$69K	$4K	5x	as long as short
gTrade (Gains Network) ICP/USDlong	L +0.0006% / S −0.0010%	1h	2.9686	long leg	$26K	—	150x
OKX ICP-USDT-SWAP	+0.0040%	8h	2.9680	−0.022%	$5.8M	$15.7M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ICP	+0.0096%	1h	2.9722	+0.120%	$168K	$443K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9735	+0.164%	$4.8M	$4.7M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9705	+0.064%	$197K	$1.6M	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9699	+0.042%	$135K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9690	+0.013%	$28.7M	$48.1M	75x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9680	−0.022%	$20.6M	$8.0M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9690	+0.012%	$5.3M	$12.5M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9700	+0.046%	$6.9M	$4.3M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9670	−0.055%	—	$4.8M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9657	−0.099%	$23K	$277K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9659	−0.093%	$571K	$491K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9670	−0.055%	$2K	$1.7M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9650	−0.123%	$106K	$220K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9675	−0.038%	$24K	$133K	10x	as long as short
BloFin ICP-USDTshort	+0.0220%	8h	2.9630	−0.190%	$1.2M	$2.2M	75x
Coinbase International ICP-PERP-INTX	+0.0256%	1h	2.9690	+0.012%	$62K	$85K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0422% / S −0.0353%	1h	2.9681	−0.018%	$31K	—	100x	as long as short