Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1809%/8h= +198.1% APRpaid last 24h +0.610%

Price spread now: Deribit against Bitget+0.241%48s7-day average +0.106% · 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—prices read too far apart to compare

costs, in and out, $10k−$670.675% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+1.994%+$199 on $10k

Price spread, last 4 days (all we have)−0.045%−$4 · spread now +0.241%, 7d avg +0.106%

Together, before fees+1.949%+$195 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$54 a day on $10k at the current rate, and Deribit is 0.135% dearer against Bitget than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.106%. The two prices were read 48 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	Bitget BILLUSDT	0.01369	0.0278	pay 0.0139% / 4h	2h 40m	$645K	$1.2M	20x
Short	Deribit BILL_USDC-PERPETUAL	0.01372	0.2087	get 0.0261% / 1h	40m 19s	$107K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now +0.241%Rate

Funding earned: $379.95
Price spread: +0.241% → +0.106%: $13.55
Slippage, 4 orders: −$48.46
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $326.04
Costs to cover: 0.675%
Break-even: 1.0 days

Slippage from Bitget: live order book, 1 min ago; Deribit: live order book, 8 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 Bitget live order book, 1 min ago	10.94 bp	24.5 bp −$24	126.7 bp −$1,267	doesn't fit	doesn't fit
Sell Deribit live order book, 8 min ago	5.83 bp	9.3 bp −$9	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	+0.0078%	4h	0.01367	−0.146%	$113K	$17K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01371	+0.127%	$1K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01368	−0.073%	$1.3M	$1.0M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01369	0.000%	$278K	$90K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01373	+0.292%	$1K	$1.2M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01370	+0.073%	$11K	$39K	20x	as long as short
Binance BILLUSDT	+0.0141%	4h	0.01370	+0.069%	$2.5M	$4.0M	20x	as long as short
Extended BILL-USD	+0.0144%	1h	0.01370	+0.049%	$4K	$261K	5x	as long as short
MEXC BILL_USDT	+0.0146%	4h	0.01369	0.000%	$998K	$339K	50x	as long as short
Bitget BILLUSDTlong	+0.0278%	4h	0.01369	long leg	$645K	$1.2M	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack BILL_USDC_PERP	+0.0335%	1h	0.01369	0.000%	$21K	$1K	5x	as long as short
BingX BILL-USDT	+0.0490%	4h	0.01371	+0.146%	—	$1.7M	—	as long as short
OKX BILL-USDT-SWAP	+0.0520%	4h	0.01370	+0.073%	$1.1M	$2.9M	20x	as long as short
KuCoin BILLUSDTM	+0.0712%	4h	0.01369	+0.015%	$454K	$337K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0832%	1h	0.01370	+0.044%	$38K	$98K	50x	as long as short
Deribit BILL_USDC-PERPETUALshort	+0.2087%	1h	0.01372	+0.241%	$107K	$12K	10x