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 −0.051%

Price spread now: Bitget against Backpack0.000%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 Bitget

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BILL_USDC_PERP	0.01388	0.0256	pay 0.0032% / 1h	44m 54s	$22K	$926	5x
Short	Bitget BILLUSDT	0.01388	0.0100	get 0.0050% / 4h	3h 44m	$632K	$847K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$32.74
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$54.74
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Bitget: live order book, 26 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 Bitget live order book, 26 min ago	10.83 bp	24.5 bp −$25	94.6 bp −$946	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 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 BILLUSDT	+0.0100%	4h	0.01387	−0.093%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01387	−0.072%	$1.3M	$936K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01389	+0.072%	$1.0M	$2.5M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01387	−0.072%	$280K	$82K	20x	as long as short
Bitget BILLUSDTshort	+0.0100%	4h	0.01388	0.000%	$632K	$847K	20x
SunX BILL-USDT	+0.0100%	4h	0.01391	+0.216%	$2K	$1.1M	20x	as long as short
BloFin BILL-USDT	+0.0109%	4h	0.01389	+0.072%	$145K	$19K	20x	as long as short
Backpack BILL_USDC_PERPlong	+0.0256%	1h	0.01388	long leg	$22K	$926	5x
Extended BILL-USD	+0.0312%	1h	0.01389	+0.096%	$2K	$233K	5x	as long as short
Binance BILLUSDT	+0.0315%	4h	0.01390	+0.118%	$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	+0.144%	$1.0M	$320K	50x	as long as short
BingX BILL-USDT	+0.0322%	4h	0.01388	0.000%	—	$1.7M	—	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01386	−0.151%	$47K	$100K	50x	as long as short
HTX BILL-USDT	+0.0740%	4h	0.01391	+0.216%	$17K	$8K	20x	as long as short
KuCoin BILLUSDTM	+0.0988%	4h	0.01390	+0.144%	$444K	$278K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2491%	1h	0.01390	+0.144%	$108K	$14K	10x	as long as short