Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0130%/8h= +14.3% APRpaid last 24h +0.051%

Price spread now: Backpack against Bybit0.000%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BILLUSDT	0.01386	0.0100	pay 0.0050% / 4h	3h 43m	$1.3M	$937K	20x
Short	Backpack BILL_USDC_PERP	0.01386	0.0230	get 0.0029% / 1h	43m 56s	$22K	$926	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: $27.34
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $6.34
Costs to cover: 0.210%
Break-even: 5.4 days

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	3.60 bp	52.7 bp −$53	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
Aster BILLUSDT	+0.0100%	4h	0.01386	+0.035%	$2K	$4K	5x	as long as short
Bybit BILLUSDTlong	+0.0100%	4h	0.01386	long leg	$1.3M	$937K	20x
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01386	0.000%	$1.0M	$2.5M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01386	0.000%	$280K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01386	0.000%	$631K	$847K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01389	+0.216%	$2K	$1.1M	20x	as long as short
BloFin BILL-USDT	+0.0109%	4h	0.01389	+0.216%	$145K	$19K	20x	as long as short
Backpack BILL_USDC_PERPshort	+0.0230%	1h	0.01386	0.000%	$22K	$926	5x
MEXC BILL_USDT	+0.0314%	4h	0.01386	0.000%	$1.0M	$320K	50x	as long as short
Binance BILLUSDT	+0.0319%	4h	0.01387	+0.052%	$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	0.01386	+0.018%	$2K	$235K	5x	as long as short
BingX BILL-USDT	+0.0322%	4h	0.01388	+0.144%	—	$1.7M	—	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01386	−0.007%	$47K	$100K	50x	as long as short
HTX BILL-USDT	+0.0710%	4h	0.01391	+0.361%	$17K	$8K	20x	as long as short
KuCoin BILLUSDTM	+0.0978%	4h	0.01388	+0.108%	$443K	$278K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2062%	1h	0.01387	+0.101%	$108K	$14K	10x	as long as short