Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1883%/8h= +206.2% APRpaid last 24h +0.588%

Price spread now: Deribit against BingX+0.094%7-day average +0.057% · 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−$91as in the Price arb table

costs, in and out, $10k−$950.951% of the position

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+1.531%+$153 on $10k

Price spread, last 3 days (all we have)+0.123%+$12 · spread now +0.094%, 7d avg +0.057%

Together, before fees+1.654%+$165 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$56 a day on $10k at the current rate, and Deribit is 0.036% dearer against BingX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BILL-USDT	0.01387	0.0322	pay 0.0161% / 4h	3h 41m	—	$1.7M	—
Short	Deribit BILL_USDC-PERPETUAL	0.01388	0.2205	get 0.0276% / 1h	41m 52s	$108K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now +0.094%Rate

Funding earned: $395.44
Price spread: +0.094% → +0.057%: $3.64
Slippage, 4 orders: −$78.11
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $303.98
Costs to cover: 0.951%
Break-even: 1.6 days

Slippage from BingX: live order book, 1 min ago; Deribit: live order book, 31 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 BingX live order book, 1 min ago	10.81 bp	35.0 bp −$35	105.6 bp −$1,056	doesn't fit	doesn't fit
Sell Deribit live order book, 31 min ago	11.23 bp	14.7 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	+0.0055%	4h	0.01385	−0.144%	$144K	$19K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01386	−0.053%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01385	−0.144%	$1.3M	$937K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01387	0.000%	$1.0M	$2.5M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01387	0.000%	$280K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01386	−0.072%	$631K	$847K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01389	+0.144%	$2K	$1.1M	20x	as long as short
Backpack BILL_USDC_PERP	+0.0210%	1h	0.01386	−0.072%	$22K	$926	5x	as long as short
MEXC BILL_USDT	+0.0318%	4h	0.01387	0.000%	$1.0M	$320K	50x	as long as short
Binance BILLUSDT	+0.0318%	4h	0.01387	+0.031%	$2.5M	$3.6M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended BILL-USD	+0.0320%	1h	0.01387	+0.007%	$1K	$243K	5x	as long as short
BingX BILL-USDTlong	+0.0322%	4h	0.01387	long leg	—	$1.7M	—
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01386	−0.079%	$47K	$100K	50x	as long as short
HTX BILL-USDT	+0.0834%	4h	0.01390	+0.216%	$17K	$8K	20x	as long as short
KuCoin BILLUSDTM	+0.0982%	4h	0.01388	+0.087%	$444K	$279K	20x	as long as short
Deribit BILL_USDC-PERPETUALshort	+0.2205%	1h	0.01388	+0.094%	$108K	$14K	10x