Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h +0.208%

Price spread now: Coinbase International against Bybit−0.578%7-day average +0.498% · you buy dearer than you sell

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.133%+$113 on $10k

Price spread, last 3 days (all we have)+0.934%+$93 · spread now −0.578%, 7d avg +0.498%

Together, before fees+2.067%+$207 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 1.077% cheaper against Bybit than usual: you would sell low and buy high (spread −0.578% now, against its 7-day average of +0.498%). If the spread goes back, that is −$108 on $10k: about 6.7 days of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BILLUSDT	0.01383	0.0100	pay 0.0050% / 4h	2h 06m	$1.3M	$959K	20x
Short	Coinbase International BILL-PERP-INTX	0.01375	0.0632	get 0.0079% / 1h	6m 38s	$46K	$51K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.578%Rate

Funding earned: $111.72
Price spread: −0.578% → +0.498%: −$107.68
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$16.96
Costs to cover: 0.210%
Break-even: 8.1 days

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	7.27 bp	68.0 bp −$68	doesn't fit	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 BILLUSDTlong	+0.0100%	4h	0.01383	long leg	$1.3M	$959K	20x
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01384	+0.072%	$1.0M	$2.7M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01383	0.000%	$280K	$84K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01383	0.000%	$637K	$1.0M	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01383	0.000%	$2K	$1.1M	20x	as long as short
Aster BILLUSDT	+0.0149%	4h	0.01382	−0.072%	$2K	$4K	5x	as long as short
Backpack BILL_USDC_PERP	+0.0314%	1h	0.01382	−0.072%	$21K	$939	5x	as long as short
BingX BILL-USDT	+0.0340%	4h	0.01383	0.000%	—	$1.7M	—	as long as short
Extended BILL-USD	+0.0344%	1h	0.01384	+0.049%	$1K	$225K	5x	as long as short
MEXC BILL_USDT	+0.0346%	4h	0.01384	+0.072%	$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	+0.0365%	4h	0.01385	+0.111%	$2.5M	$3.7M	20x	as long as short
HTX BILL-USDT	+0.0510%	4h	0.01378	−0.362%	$13K	$22K	20x	as long as short
Coinbase International BILL-PERP-INTXshort	+0.0632%	1h	0.01375	−0.578%	$46K	$51K	50x
KuCoin BILLUSDTM	+0.1486%	4h	0.01384	+0.072%	$454K	$298K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.1996%	1h	0.01384	+0.036%	$108K	$14K	10x	as long as short