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 Variational perp at $3.21 and the highest bid on OKX spot at $3.21.
The widest ICP perpetual spread is between Variational and Bitget: long ICP on Variational at $3.21 and short on Bitget at $3.21 for +0.18% gross, or +0.02% 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 +0.085% 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 Gate and short the perpetual on Bitget: -0.03% gross, -0.23% net, with +0.030% a day of funding on the short leg.
Spot–spot ICP arbitrage (buy on Gate, withdraw, deposit and sell on Binance) 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.