ICNT arbitrage explained
Right now Impossible Cloud Network Token (ICNT) trades on 7 venues we scan: 7 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on KuCoin perp at $0.0928 and the highest bid on KuCoin spot at $0.0929.
The widest ICNT perpetual spread is between KuCoin and Binance: long ICNT on KuCoin at $0.0928 and short on Binance at $0.0928 for +0.02% gross, or -0.14% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.074% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ICNT route is to buy spot on Bybit and short the perpetual on Binance: -0.11% gross, -0.31% net, with +0.030% a day of funding on the short leg.
Spot–spot ICNT arbitrage (buy on Bybit, withdraw, deposit and sell on KuCoin) shows -0.05% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small ICNT gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: ICNT funding rates · ICNT spread charts · Impossible Cloud Network Token price · arbitrage scanner for all coins.