ICP · Convergence Trade
Current Spread (mark)
updated 58s ago+0.015%higher than 20% of spread values(window 1D)
long $2.3940 · short $2.3944
Entry Spread (order book)-0.734%on $10,000thin book — size does not fully fill
long $2.4110 · short $2.3933(average execution prices, not mark)
market median $2.3980· long -0.2%· short -0.2%
Size per leg$= $20,000 total
every figure below scales from thisProfit Calculator
This spread does not cover its own costs
The spread is 0.02%, but entry and exit cost 0.20% of the position. The trade is a loss at entry regardless of how the spread moves afterwards. Reduce the size, or pick another pair.
Three scenarios: the current spread 0.02% compresses to the target (0% = full convergence). Sized at $10,000 per leg.
| If spread converges to↓ target spread | 0% | 0.50% | 1.00% |
|---|---|---|---|
| Gross profit | +$1.55 | -$48.45 | -$98.45 |
| Round-trip fees | −$21.00 | −$21.00 | −$21.00 |
| Slippage(loading orderbook…) | — | — | — |
| Funding drag(est. 1h hold) | +$0.93 | +$0.93 | +$0.93 |
| Net potential | -$18.52 | -$68.52 | -$118.52 |
Breakeven move 0.2007%·Tradeability: 0.1× round-trip cost · do not trade — spread below breakeven
⏱ Hold time (estimated from history)
The current spread is already near its typical level (median 0.19%) — most of the convergence has happened, little potential left.
Estimate of historical spread behavior — not a guarantee of the future.
Spread Statistics
Window: 24h · 284 samples
Current
+0.015%
20 pct
Median
+0.178%
Average
+0.159%
P25 → P75
+0.047% … +0.273%
Range
-0.731% … +1.010%
Std dev
±0.208%
tf
LONG
Phemex(cex)
Phemex(cex)- Mark Price
- $2.3940
- Exchange Ticker
- ICPUSDT
- Taker / Maker
- 0.06% / 0.01%
- Funding APR(8h)
- -88.97%
- OI
- $1.61M
- 24h Vol
- $648.60K
⚠ slippage not modeled (virtual liquidity / RFQ venue)
Trade LongSHORT
Hyperliquid(dex)
Hyperliquid(dex)- Mark Price
- $2.3944
- Exchange Ticker
- ICP
- Taker / Maker
- 0.045% / 0.015%
- Funding APR(1h)
- -7.12%
- OI
- $2.46M
- 24h Vol
- $2.47M
⚠ slippage not modeled (virtual liquidity / RFQ venue)
Trade Short253 long / 284 short samples · 2 days · auto-refresh every 30s