Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.002%

Price spread now: Bybit against gTrade (Gains Network)−0.144%7-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 Bybit

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. Bybit is 0.144% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.144% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 5.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ICP/USD	2.9432	L +0.0006% / S −0.0002%	pay 0.0001% / 1h	23m 10s	$10K	—	150x
Short	Bybit ICPUSDT	2.9390	0.0100	get 0.0100% / 8h	3h 23m	$17.1M	$17.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.144%Rate

Funding earned: $19.77
Price spread: −0.144% → 0.000%: −$14.37
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$15.6
Costs to cover: 0.210%
Break-even: 12.5 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, just now. 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 Bybit live order book, just now	1.70 bp	12.4 bp −$12	31.8 bp −$318	557.9 bp −$55.8K	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
Deribit ICP_USDC-PERPETUAL	−0.0124%	1h	2.9413	−0.066%	$191	$439	50x	as long as short
Kraken Futures PF_ICPUSD	−0.0058%	1h	2.9436	+0.014%	$525K	$597K	50x	as long as short
Phemex ICPUSDT	−0.0001%	8h	2.9410	−0.076%	$1.7M	$787K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9429	−0.011%	$69K	$3K	5x	as long as short
gTrade (Gains Network) ICP/USDlong	L +0.0006% / S −0.0002%	1h	2.9432	long leg	$10K	—	150x
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	+0.791%	$202	$200K	12x	as long as short
Variational Omni ICP	+0.0081%	8h	2.9460	+0.093%	$1.0M	$134K	—	as long as short
Lighter ICP	+0.0096%	1h	2.9427	−0.018%	$143K	$491K	5x	as long as short
Hyperliquid ICP	+0.0100%	1h	2.9427	−0.018%	$4.5M	$4.8M	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9423	−0.032%	$260K	$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	2.9430	−0.007%	$133K	$9K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	2.9390	−0.144%	$28.8M	$48.5M	75x	as long as short
Bybit ICPUSDTshort	+0.0100%	8h	2.9390	−0.144%	$17.1M	$17.4M	75x
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9400	−0.110%	$5.7M	$15.0M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9390	−0.144%	$1.8M	$2.8M	50x	as long as short
MEXC ICP_USDT	+0.0100%	8h	2.9400	−0.110%	$18.6M	$10.2M	50x	as long as short
KuCoin ICPUSDTM	+0.0100%	8h	2.9420	−0.042%	$4.8M	$12.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9420	−0.042%	$7.0M	$4.6M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9410	−0.076%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9440	+0.028%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9439	+0.024%	$559K	$484K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9410	−0.076%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9420	−0.042%	$103K	$116K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9408	−0.082%	$22K	$132K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9430	−0.008%	$1.2M	$2.4M	75x	as long as short
Coinbase International ICP-PERP-INTX	+0.0352%	1h	2.9550	+0.400%	$66K	$60K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0433% / S −0.0367%	1h	2.9424	−0.028%	$31K	—	100x	as long as short