Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h −0.037%

Price spread now: OKX against Backpack+0.290%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 OKX

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 OKX is 0.290% dearer against Backpack than usual: you sell high and buy low: +$29 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	0.01379	0.0100	pay 0.0013% / 1h	30m 36s	$21K	$951	5x
Short	OKX BILL-USDT-SWAP	0.01383	0.0131	get 0.0065% / 4h	30m 36s	$1.1M	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.290%Rate

Funding earned: $6.48
Price spread: +0.290% → 0.000%: $29.01
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $15.49
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; OKX: 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 OKX live order book, 2 min ago	3.62 bp	28.6 bp −$29	194.7 bp −$1,947	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
Bybit BILLUSDT	+0.0100%	4h	0.01380	+0.073%	$1.3M	$996K	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01379	0.000%	$277K	$85K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01381	+0.145%	$646K	$1.1M	20x	as long as short
Backpack BILL_USDC_PERPlong	+0.0100%	1h	0.01379	long leg	$21K	$951	5x
SunX BILL-USDT	+0.0100%	4h	0.01383	+0.290%	$2K	$1.1M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01364	−1.088%	$11K	$39K	20x	as long as short
BloFin BILL-USDT	+0.0115%	4h	0.01376	−0.218%	$146K	$19K	20x	as long as short
OKX BILL-USDT-SWAPshort	+0.0131%	4h	0.01383	+0.290%	$1.1M	$2.8M	20x
Aster BILLUSDT	+0.0155%	4h	0.01382	+0.208%	$2K	$4K	5x	as long as short
MEXC BILL_USDT	+0.0284%	4h	0.01382	+0.218%	$1.1M	$341K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BILLUSDT	+0.0284%	4h	0.01383	+0.290%	$2.5M	$3.9M	20x	as long as short
Extended BILL-USD	+0.0288%	1h	0.01383	+0.257%	$2K	$220K	5x	as long as short
BingX BILL-USDT	+0.0292%	4h	0.01383	+0.290%	—	$1.7M	—	as long as short
Coinbase International BILL-PERP-INTX	+0.0688%	1h	0.01379	+0.029%	$66K	$72K	50x	as long as short
KuCoin BILLUSDTM	+0.1354%	4h	0.01382	+0.225%	$460K	$314K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2145%	1h	0.01381	+0.167%	$108K	$14K	10x	as long as short