ICP arbitrage explained
Right now Internet Computer (ICP) trades on 11 venues we scan: 11 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $3.19 and the highest bid on Hyperliquid perp at $3.20.
The widest ICP perpetual spread is between Bybit and Hyperliquid: long ICP on Bybit at $3.19 and short on Hyperliquid at $3.20 for +0.16% gross, or -0.00% 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 +0.044% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ICP route is to buy spot on Binance and short the perpetual on Hyperliquid: +0.03% gross, -0.17% net, with +0.030% a day of funding on the short leg.
Spot–spot ICP arbitrage (buy on Binance, withdraw, deposit and sell on OKX) shows 0.00% 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 ICP 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: ICP funding rates · ICP spread charts · Internet Computer price · arbitrage scanner for all coins.