Funding arb · Price arb /

ICP

all ICP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0438%/8h= +48.0% APRpaid last 24h +0.045%

Price spread now: MEXC against Kraken Futures−0.099%51s7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.484% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.370%+$37 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now −0.099%, 7d avg −0.063%

Together, before fees+0.319%+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.036% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.099% now, against its 7-day average of −0.063%). If the spread goes back, that is −$4 on $10k: about 7 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.370% in total) that is about 16 hours. The two prices were read 51 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	Kraken Futures PF_ICPUSD	2.9699	−0.0338	get 0.0042% / 1h	21m 21s	$526K	$654K	50x
Short	MEXC ICP_USDT	2.9670	0.0100	get 0.0100% / 8h	7h 21m	$19.1M	$9.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.099%Rate

Funding earned: $91.99
Price spread: −0.099% → −0.063%: −$3.58
Slippage, 4 orders: −$38.42
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: $39.98
Costs to cover: 0.484%
Break-even: 4.0 days

Slippage from Kraken Futures: live order book, 12 min ago; MEXC: live order book, 2 min ago.

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 Kraken Futures live order book, 12 min ago	6.79 bp	23.2 bp −$23	55.8 bp −$558	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.69 bp	3.3 bp −$3	10.8 bp −$108	72.4 bp −$7,237	142.8 bp −$71.4K

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_ICPUSDlong	−0.0338%	1h	2.9699	long leg	$526K	$654K	50x
Variational Omni ICP	−0.0164%	8h	2.9309	−1.314%	$1.0M	$135K	—	as long as short
Phemex ICPUSDT	−0.0148%	8h	2.9680	−0.066%	$1.8M	$688K	50x	as long as short
dYdX ICP-USD	0.0000%	1h	2.9677	−0.074%	$68K	$2K	5x	as long as short
Deribit ICP_USDC-PERPETUAL	0.0000%	1h	2.9677	−0.076%	$193	$439	50x	as long as short
gTrade (Gains Network) ICP/USD	L +0.0006% / S −0.0004%	1h	2.9680	−0.066%	$6K	—	150x	as long as short
Injective ICP/USDC PERP	+0.0033%	1h	2.9665	−0.116%	$202	$200K	12x	as long as short
Lighter ICP	+0.0096%	1h	2.9676	−0.079%	$137K	$489K	5x	as long as short
Aster ICPUSDT	+0.0100%	8h	2.9689	−0.036%	$279K	$978K	20x	as long as short
Pacifica ICP	+0.0100%	1h	2.9670	−0.101%	$134K	$9K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ICPUSDT	+0.0100%	8h	2.9690	−0.032%	$29.0M	$48.0M	75x	as long as short
Bybit ICPUSDT	+0.0100%	8h	2.9670	−0.099%	$17.2M	$17.7M	75x	as long as short
OKX ICP-USDT-SWAP	+0.0100%	8h	2.9690	−0.032%	$5.7M	$13.9M	50x	as long as short
Gate ICP_USDT	+0.0100%	8h	2.9670	−0.099%	$1.9M	$2.7M	50x	as long as short
MEXC ICP_USDTshort	+0.0100%	8h	2.9670	−0.099%	$19.1M	$9.9M	50x
KuCoin ICPUSDTM	+0.0100%	8h	2.9680	−0.066%	$4.9M	$11.3M	50x	as long as short
Bitget ICPUSDT	+0.0100%	8h	2.9680	−0.066%	$7.0M	$4.4M	50x	as long as short
BingX ICP-USDT	+0.0100%	8h	2.9690	−0.032%	—	$5.7M	—	as long as short
edgeX ICPUSDC	+0.0100%	4h	2.9581	−0.400%	$23K	$279K	10x	as long as short
GRVT ICP_USDT_Perp	+0.0100%	8h	2.9615	−0.285%	$562K	$578K	10x	as long as short
SunX ICP-USDT	+0.0100%	8h	2.9660	−0.133%	$1K	$1.5M	20x	as long as short
HTX ICP-USDT	+0.0100%	8h	2.9630	−0.234%	$103K	$114K	20x	as long as short
Extended ICP-USD	+0.0104%	1h	2.9652	−0.161%	$22K	$233K	10x	as long as short
BloFin ICP-USDT	+0.0220%	8h	2.9630	−0.234%	$1.3M	$2.4M	75x	as long as short
Hyperliquid ICP	+0.0230%	1h	2.9722	+0.076%	$4.6M	$4.5M	5x	as long as short
Coinbase International ICP-PERP-INTX	+0.0416%	1h	2.9700	+0.002%	$58K	$69K	50x	as long as short
GMX ICP/USD [WBTC.b-USDC]	L +0.0456% / S −0.0403%	1h	2.9610	−0.301%	$33K	—	100x	as long as short