Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0309%/8h= −33.9% APRpaid last 24h −0.043%

Price spread now: BloFin against Backpack+0.440%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 BloFin

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 pays, funding is against you. BloFin is 0.440% dearer against Backpack than usual: you sell high and buy low (spread +0.440% now, against zero (this spread has no 7-day history yet)): +$44 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BILL_USDC_PERP	0.01364	0.0373	pay 0.0047% / 1h	54m 15s	$21K	$926	5x
Short	BloFin BILL-USDT	0.01370	0.0064	get 0.0032% / 4h	2h 54m	$146K	$19K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now +0.440%Rate

Funding earned: −$64.99
Price spread: +0.440% → 0.000%: $43.99
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$43
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; BloFin: live order book, 62 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 BloFin live order book, 62 min ago	10.79 bp	47.5 bp −$47	317.4 bp −$3,174	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
BloFin BILL-USDTshort	+0.0064%	4h	0.01370	+0.440%	$146K	$19K	20x
Aster BILLUSDT	+0.0100%	4h	0.01363	−0.076%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01357	−0.513%	$1.3M	$959K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01357	−0.513%	$999K	$2.6M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01358	−0.440%	$274K	$75K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01358	−0.440%	$623K	$915K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01368	+0.293%	$1K	$1.1M	20x	as long as short
Extended BILL-USD	+0.0192%	1h	0.01358	−0.406%	$2K	$227K	5x	as long as short
Binance BILLUSDT	+0.0194%	4h	0.01359	−0.367%	$2.4M	$3.7M	20x	as long as short
MEXC BILL_USDT	+0.0202%	4h	0.01357	−0.513%	$1.0M	$330K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BILL-USDT	+0.0224%	4h	0.01358	−0.440%	—	$1.7M	—	as long as short
Backpack BILL_USDC_PERPlong	+0.0373%	1h	0.01364	long leg	$21K	$926	5x
HTX BILL-USDT	+0.0478%	4h	0.01379	+1.100%	$17K	$8K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01367	+0.183%	$47K	$99K	50x	as long as short
KuCoin BILLUSDTM	+0.0782%	4h	0.01356	−0.587%	$437K	$288K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2039%	1h	0.01358	−0.462%	$106K	$14K	10x	as long as short