Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2100%/8h= +230.0% APRpaid last 24h +0.561%

Price spread now: Deribit against Binance+0.059%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1071.075% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+2.002%+$200 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now +0.059%, 7d avg +0.027%

Together, before fees+2.021%+$202 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$63 a day on $10k at the current rate, and Deribit is 0.032% dearer against Binance than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BILLUSDT	0.01363	0.0296	pay 0.0148% / 4h	3h 39m	$2.5M	$4.3M	20x
Short	Deribit BILL_USDC-PERPETUAL	0.01364	0.2397	get 0.0300% / 1h	39m 50s	$148K	$53K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.059%Rate

Funding earned: $441.04
Price spread: +0.059% → +0.027%: $3.18
Slippage, 4 orders: −$90.5
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $336.72
Costs to cover: 1.075%
Break-even: 1.7 days

Slippage from Binance: live order book, 12 min ago; Deribit: live order book, 59 min ago.

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 Binance live order book, 12 min ago	3.66 bp	36.2 bp −$36	252.9 bp −$2,529	doesn't fit	doesn't fit
Sell Deribit live order book, 59 min ago	11.72 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit

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	+0.0052%	4h	0.01364	+0.073%	$146K	$17K	20x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01361	−0.147%	$1.3M	$1.1M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01361	−0.147%	$296K	$132K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01365	+0.147%	$1K	$1.3M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01363	0.000%	$11K	$40K	20x	as long as short
Aster BILLUSDT	+0.0150%	4h	0.01364	+0.108%	$3K	$6K	5x	as long as short
Extended BILL-USD	+0.0296%	1h	0.01363	−0.027%	$1K	$269K	5x	as long as short
MEXC BILL_USDT	+0.0296%	4h	0.01363	0.000%	$1.1M	$347K	50x	as long as short
Binance BILLUSDTlong	+0.0296%	4h	0.01363	long leg	$2.5M	$4.3M	20x
Bitget BILLUSDT	+0.0418%	4h	0.01364	+0.073%	$673K	$1.4M	20x	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	+0.0504%	4h	0.01363	0.000%	—	$1.7M	—	as long as short
OKX BILL-USDT-SWAP	+0.0525%	4h	0.01362	−0.073%	$1.1M	$3.0M	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0816%	1h	0.01362	−0.059%	$37K	$71K	50x	as long as short
KuCoin BILLUSDTM	+0.0980%	4h	0.01362	−0.073%	$447K	$376K	20x	as long as short
Backpack BILL_USDC_PERP	+0.1600%	1h	0.01362	−0.073%	$21K	$875	5x	as long as short
Deribit BILL_USDC-PERPETUALshort	+0.2397%	1h	0.01364	+0.059%	$148K	$53K	10x