Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0409%/8h= −44.8% APRpaid last 24h −0.089%

Price spread now: MEXC against GMX+0.105%7-day average — · you sell dearer than you buy

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

Long on GMX Short on MEXC

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

The price spread pays, funding is against you. MEXC is 0.105% dearer against GMX than usual: you sell high and buy low (spread +0.105% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ICP/USD [WBTC.b-USDC]	3.0078	L +0.0509% / S −0.0480%	pay 0.0064% / 1h	19m 42s	$37K	—	100x
Short	MEXC ICP_USDT	3.0110	0.0100	get 0.0100% / 8h	6h 19m	$19.4M	$10.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against GMX. 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 GMXbpFee MEXCbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$85.92
Price spread: +0.105% → 0.000%: $10.55
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$87.38
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 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 GMX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	1.66 bp	4.8 bp −$5	13.8 bp −$138	76.4 bp −$7,637	143.5 bp −$71.8K

GMX: 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 26 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	−0.0348%	1h	3.0064	−0.047%	$268	$464	50x	as long as short
dYdX ICP-USD	0.0000%	1h	3.0125	+0.154%	$70K	$4K	5x	as long as short
Variational Omni ICP	+0.0005%	8h	3.0149	+0.237%	$1.1M	$118K	—	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0011%	1h	3.0082	+0.013%	$23K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−1.374%	$202	$200K	12x	as long as short
Phemex ICPUSDT	+0.0073%	8h	3.0060	−0.061%	$1.8M	$793K	50x	as long as short
Lighter ICP	+0.0096%	1h	3.0122	+0.145%	$164K	$492K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	3.0098	+0.066%	$280K	$1.7M	20x	as long as short
Pacifica ICP	+0.0100%	1h	3.0108	+0.098%	$136K	$11K	5x	as long as short
Binance ICPUSDT	+0.0100%	8h	3.0090	+0.039%	$29.7M	$53.9M	75x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ICPUSDT	+0.0100%	8h	3.0100	+0.072%	$17.7M	$19.0M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	3.0070	−0.028%	$5.9M	$17.1M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	3.0090	+0.039%	$1.9M	$3.1M	50x	as long as short
MEXC ICP_USDTshort	+0.0100%	8h	3.0110	+0.105%	$19.4M	$10.1M	50x
KuCoin ICPUSDTM	+0.0100%	8h	3.0090	+0.039%	$4.9M	$13.4M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	3.0100	+0.072%	$7.1M	$4.9M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	3.0080	+0.006%	—	$6.0M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	3.0131	+0.176%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	3.0134	+0.185%	$585K	$491K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	3.0050	−0.094%	$1K	$1.8M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	3.0090	+0.039%	$105K	$239K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	3.0102	+0.078%	$22K	$125K	10x	as long as short
Hyperliquid ICP	+0.0211%	1h	3.0121	+0.142%	$4.7M	$5.0M	5x	as long as short
Coinbase International ICP-PERP-INTX	+0.0256%	1h	3.0180	+0.338%	$65K	$71K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]long	L +0.0509% / S −0.0480%	1h	3.0078	long leg	$37K	—	100x
Kraken Futures PF_ICPUSD	+0.0892%	1h	3.0106	+0.092%	$546K	$611K	50x	as long as short