Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h +0.040%

Price spread now: Backpack against Aster+0.093%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.093% dearer against Aster than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BILLUSDT	0.01387	0.0100	pay 0.0050% / 4h	3h 44m	$2K	$4K	5x
Short	Backpack BILL_USDC_PERP	0.01388	0.0256	get 0.0032% / 1h	44m 56s	$22K	$926	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now +0.093%Rate

Funding earned: $32.74
Price spread: +0.093% → 0.000%: $9.3
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $24.04
Costs to cover: 0.180%
Break-even: 1.9 days

Slippage unknown: Aster: no order-book sample; Backpack: no order-book sample. Net counts fees only.

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 Aster no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Aster and Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BILL on 16 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
Aster BILLUSDTlong	+0.0100%	4h	0.01387	long leg	$2K	$4K	5x
Bybit BILLUSDT	+0.0100%	4h	0.01387	+0.021%	$1.3M	$936K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01389	+0.165%	$1.0M	$2.5M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01387	+0.021%	$280K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01388	+0.093%	$632K	$847K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01391	+0.309%	$2K	$1.1M	20x	as long as short
BloFin BILL-USDT	+0.0109%	4h	0.01389	+0.165%	$145K	$19K	20x	as long as short
Backpack BILL_USDC_PERPshort	+0.0256%	1h	0.01388	+0.093%	$22K	$926	5x
Extended BILL-USD	+0.0312%	1h	0.01389	+0.189%	$2K	$233K	5x	as long as short
Binance BILLUSDT	+0.0315%	4h	0.01390	+0.211%	$2.5M	$3.6M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BILL_USDT	+0.0320%	4h	0.01390	+0.237%	$1.0M	$320K	50x	as long as short
BingX BILL-USDT	+0.0322%	4h	0.01388	+0.093%	—	$1.7M	—	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01386	−0.058%	$47K	$100K	50x	as long as short
HTX BILL-USDT	+0.0740%	4h	0.01391	+0.309%	$17K	$8K	20x	as long as short
KuCoin BILLUSDTM	+0.0988%	4h	0.01390	+0.237%	$444K	$278K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2491%	1h	0.01390	+0.237%	$108K	$14K	10x	as long as short