Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h −0.007%

Price spread now: Binance against Backpack+0.073%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Binance

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—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Binance is 0.073% dearer against Backpack than usual: you sell high and buy low: +$7 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	Backpack BILL_USDC_PERP	0.01377	0.0315	pay 0.0039% / 1h	11m 01s	$21K	$923	5x
Short	Binance BILLUSDT	0.01378	0.0334	get 0.0167% / 4h	2h 11m	$2.5M	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now +0.073%Rate

Funding earned: $4.08
Price spread: +0.073% → 0.000%: $7.26
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$8.66
Costs to cover: 0.200%
Break-even: 21.9 days

Slippage unknown: Backpack: no order-book sample; Binance: live order book, 10 min ago. 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 Backpack no order-book sample	—	—	—	—	—
Sell Binance live order book, 10 min ago	7.26 bp	21.4 bp −$21	140.4 bp −$1,404	doesn't fit	doesn't fit

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 15 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
Bybit BILLUSDT	+0.0100%	4h	0.01376	−0.073%	$1.3M	$962K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01379	+0.145%	$1.0M	$2.7M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01379	+0.145%	$278K	$81K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01379	+0.145%	$636K	$1.0M	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01381	+0.290%	$2K	$1.1M	20x	as long as short
Aster BILLUSDT	+0.0118%	4h	0.01380	+0.209%	$2K	$4K	5x	as long as short
Backpack BILL_USDC_PERPlong	+0.0315%	1h	0.01377	long leg	$21K	$923	5x
BingX BILL-USDT	+0.0316%	4h	0.01381	+0.290%	—	$1.7M	—	as long as short
MEXC BILL_USDT	+0.0330%	4h	0.01378	+0.073%	$1.0M	$336K	50x	as long as short
Binance BILLUSDTshort	+0.0334%	4h	0.01378	+0.073%	$2.5M	$3.8M	20x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended BILL-USD	+0.0336%	1h	0.01379	+0.122%	$1K	$225K	5x	as long as short
HTX BILL-USDT	+0.0611%	4h	0.01378	+0.073%	$17K	$8K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01378	+0.073%	$46K	$51K	50x	as long as short
KuCoin BILLUSDTM	+0.1382%	4h	0.01379	+0.153%	$444K	$296K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2220%	1h	0.01380	+0.196%	$108K	$14K	10x	as long as short