Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0362%/8h= +39.6% APRpaid last 24h −0.006%

Price spread now: BingX against Backpack+0.217%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 BingX

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 +$11 a day on $10k at the current rate, and BingX is 0.217% dearer against Backpack than usual: you sell high and buy low: +$22 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	0.01381	0.0100	pay 0.0013% / 1h	22m 17s	$21K	$939	5x
Short	BingX BILL-USDT	0.01384	0.0462	get 0.0231% / 4h	1h 22m	—	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.217%Rate

Funding earned: $76.02
Price spread: +0.217% → 0.000%: $21.72
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $77.74
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; BingX: live order book, just now. 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 BingX live order book, just now	10.83 bp	32.6 bp −$33	103.1 bp −$1,031	1019.2 bp −$101.9K	1373.1 bp −$686.6K

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
Bybit BILLUSDT	+0.0100%	4h	0.01383	+0.145%	$1.3M	$959K	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01381	0.000%	$278K	$84K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01385	+0.290%	$638K	$1.1M	20x	as long as short
Backpack BILL_USDC_PERPlong	+0.0100%	1h	0.01381	long leg	$21K	$939	5x
SunX BILL-USDT	+0.0100%	4h	0.01386	+0.362%	$1K	$1.1M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01382	+0.072%	$11K	$38K	20x	as long as short
BloFin BILL-USDT	+0.0117%	4h	0.01380	−0.072%	$147K	$19K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0194%	4h	0.01386	+0.362%	$1.1M	$2.7M	20x	as long as short
Aster BILLUSDT	+0.0258%	4h	0.01383	+0.149%	$2K	$4K	5x	as long as short
BingX BILL-USDTshort	+0.0462%	4h	0.01384	+0.217%	—	$1.7M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended BILL-USD	+0.0464%	1h	0.01384	+0.231%	$3K	$219K	5x	as long as short
Binance BILLUSDT	+0.0466%	4h	0.01385	+0.267%	$2.5M	$3.8M	20x	as long as short
MEXC BILL_USDT	+0.0468%	4h	0.01384	+0.217%	$1.1M	$337K	50x	as long as short
Coinbase International BILL-PERP-INTX	+0.0688%	1h	0.01379	−0.130%	$46K	$51K	50x	as long as short
KuCoin BILLUSDTM	+0.1944%	4h	0.01382	+0.101%	$456K	$307K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2572%	1h	0.01386	+0.362%	$108K	$14K	10x	as long as short