Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1037%/8h= −113.6% APRpaid last 24h −0.001%

Price spread now: MEXC against Backpack+0.074%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 6 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. MEXC is 0.074% dearer against Backpack than usual: you sell high and buy low (spread +0.074% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BILL_USDC_PERP	0.01358	0.1263	pay 0.0158% / 1h	24m 06s	$21K	$887	5x
Short	MEXC BILL_USDT	0.01359	0.0226	get 0.0113% / 4h	24m 06s	$1.0M	$343K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$217.84
Price spread: +0.074% → 0.000%: $7.36
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$220.48
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; MEXC: live order book, 2 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 MEXC live order book, 2 min ago	3.67 bp	12.7 bp −$13	100.6 bp −$1,006	415.0 bp −$41.5K	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-USDT	+0.0087%	4h	0.01358	0.000%	$146K	$17K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01360	+0.172%	$3K	$6K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01357	−0.074%	$1.3M	$1.1M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01358	0.000%	$299K	$136K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01361	+0.221%	$2K	$1.4M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01359	+0.074%	$11K	$40K	20x	as long as short
Extended BILL-USD	+0.0224%	1h	0.01359	+0.097%	$3K	$276K	5x	as long as short
MEXC BILL_USDTshort	+0.0226%	4h	0.01359	+0.074%	$1.0M	$343K	50x
Binance BILLUSDT	+0.0227%	4h	0.01360	+0.121%	$2.5M	$4.5M	20x	as long as short
Bitget BILLUSDT	+0.0270%	4h	0.01359	+0.074%	$660K	$1.5M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BILL-USDT-SWAP	+0.0570%	4h	0.01359	+0.074%	$1.1M	$3.1M	20x	as long as short
BingX BILL-USDT	+0.0576%	4h	0.01358	0.000%	—	$1.7M	—	as long as short
KuCoin BILLUSDTM	+0.0758%	4h	0.01358	+0.022%	$444K	$356K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0824%	1h	0.01359	+0.088%	$37K	$100K	50x	as long as short
Backpack BILL_USDC_PERPlong	+0.1263%	1h	0.01358	long leg	$21K	$887	5x
Deribit BILL_USDC-PERPETUAL	+0.2183%	1h	0.01360	+0.140%	$148K	$53K	10x	as long as short