Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h +0.057%

Price spread now: Backpack against BloFin+0.218%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Backpack

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

The price spread pays, funding is against you. Backpack is 0.218% dearer against BloFin than usual: you sell high and buy low (spread +0.218% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 48 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BILL-USDT	0.01376	0.0115	pay 0.0058% / 4h	30m 38s	$146K	$19K	20x
Short	Backpack BILL_USDC_PERP	0.01379	0.0100	get 0.0013% / 1h	30m 38s	$21K	$951	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.218%Rate

Funding earned: −$3.17
Price spread: +0.218% → 0.000%: $21.8
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$3.36
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 66 min ago; Backpack: 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 BloFin live order book, 66 min ago	10.89 bp	42.2 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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	+0.291%	$1.3M	$992K	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01379	+0.218%	$277K	$85K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01381	+0.363%	$646K	$1.1M	20x	as long as short
Backpack BILL_USDC_PERPshort	+0.0100%	1h	0.01379	+0.218%	$21K	$951	5x
SunX BILL-USDT	+0.0100%	4h	0.01383	+0.509%	$2K	$1.1M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01364	−0.872%	$11K	$39K	20x	as long as short
BloFin BILL-USDTlong	+0.0115%	4h	0.01376	long leg	$146K	$19K	20x
OKX BILL-USDT-SWAP	+0.0131%	4h	0.01383	+0.509%	$1.1M	$2.8M	20x	as long as short
Aster BILLUSDT	+0.0155%	4h	0.01381	+0.392%	$2K	$4K	5x	as long as short
MEXC BILL_USDT	+0.0284%	4h	0.01382	+0.436%	$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	+0.504%	$2.5M	$3.9M	20x	as long as short
Extended BILL-USD	+0.0288%	1h	0.01383	+0.476%	$2K	$220K	5x	as long as short
BingX BILL-USDT	+0.0292%	4h	0.01383	+0.509%	—	$1.7M	—	as long as short
Coinbase International BILL-PERP-INTX	+0.0688%	1h	0.01379	+0.247%	$66K	$72K	50x	as long as short
KuCoin BILLUSDTM	+0.1354%	4h	0.01382	+0.443%	$460K	$314K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2145%	1h	0.01381	+0.385%	$108K	$14K	10x	as long as short