Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h +0.158%

Price spread now: Coinbase International against BingX−0.290%53s7-day average +0.396% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.745%+$75 on $10k

Price spread, last 3 days (all we have)+0.545%+$55 · spread now −0.290%, 7d avg +0.396%

Together, before fees+1.291%+$129 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.686% cheaper against BingX than usual: you would sell low and buy high (spread −0.290% now, against its 7-day average of +0.396%). If the spread goes back, that is −$69 on $10k: about 7.2 days of funding at the current rate (+$9 a day). The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BILL-USDT	0.01379	0.0316	pay 0.0158% / 4h	2h 08m	—	$1.7M	—
Short	Coinbase International BILL-PERP-INTX	0.01375	0.0632	get 0.0079% / 1h	8m 24s	$46K	$51K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.290%Rate

Funding earned: $66.36
Price spread: −0.290% → +0.396%: −$68.56
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$22.2
Costs to cover: 0.200%
Break-even: 9.3 days

Slippage unknown: BingX: live order book, 9 min ago; Coinbase International: no order-book sample. 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 BingX live order book, 9 min ago	10.90 bp	36.5 bp −$36	111.3 bp −$1,113	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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 15 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	0.01378	−0.073%	$1.3M	$958K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01381	+0.145%	$1.0M	$2.7M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01378	−0.073%	$280K	$83K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01379	0.000%	$636K	$1.0M	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01381	+0.145%	$1K	$1.1M	20x	as long as short
Aster BILLUSDT	+0.0121%	4h	0.01378	−0.075%	$2K	$4K	5x	as long as short
Backpack BILL_USDC_PERP	+0.0304%	1h	0.01373	−0.435%	$21K	$939	5x	as long as short
BingX BILL-USDTlong	+0.0316%	4h	0.01379	long leg	—	$1.7M	—
Extended BILL-USD	+0.0336%	1h	0.01378	−0.080%	$1K	$225K	5x	as long as short
MEXC BILL_USDT	+0.0338%	4h	0.01379	0.000%	$1.0M	$336K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BILLUSDT	+0.0340%	4h	0.01380	+0.073%	$2.5M	$3.8M	20x	as long as short
HTX BILL-USDT	+0.0568%	4h	0.01377	−0.145%	$17K	$16K	20x	as long as short
Coinbase International BILL-PERP-INTXshort	+0.0632%	1h	0.01375	−0.290%	$46K	$51K	50x
KuCoin BILLUSDTM	+0.1428%	4h	0.01379	0.000%	$449K	$298K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2218%	1h	0.01381	+0.138%	$108K	$14K	10x	as long as short