Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.2109%/8h= +230.9% APRpaid last 24h +0.629%

Price spread now: Deribit against Bybit+0.304%7-day average +0.163% · 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−$164as in the Price arb table

costs, in and out, $10k−$1781.780% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+1.902%+$190 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.304%, 7d avg +0.163%

Together, before fees+1.863%+$186 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$63 a day on $10k at the current rate, and Deribit is 0.141% dearer against Bybit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.163%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BILLUSDT	0.01382	0.0100	pay 0.0050% / 4h	2h 05m	$1.3M	$957K	20x
Short	Deribit BILL_USDC-PERPETUAL	0.01386	0.2209	get 0.0276% / 1h	5m 23s	$108K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.304%Rate

Funding earned: $442.84
Price spread: +0.304% → +0.163%: $14.09
Slippage, 4 orders: −$159.98
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $278.95
Costs to cover: 1.780%
Break-even: 2.6 days

Slippage from Bybit: live order book, just now; Deribit: live order book, 63 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 Bybit live order book, just now	7.24 bp	76.4 bp −$76	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 63 min ago	12.99 bp	16.5 bp −$16	doesn't fit	doesn't fit	doesn't fit

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	0.01382	long leg	$1.3M	$957K	20x
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01386	+0.289%	$1.0M	$2.7M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01383	+0.072%	$280K	$84K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01383	+0.072%	$637K	$1.0M	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01387	+0.362%	$2K	$1.1M	20x	as long as short
Aster BILLUSDT	+0.0164%	4h	0.01382	0.000%	$2K	$4K	5x	as long as short
Backpack BILL_USDC_PERP	+0.0324%	1h	0.01382	0.000%	$21K	$939	5x	as long as short
BingX BILL-USDT	+0.0340%	4h	0.01384	+0.145%	—	$1.7M	—	as long as short
MEXC BILL_USDT	+0.0364%	4h	0.01383	+0.072%	$1.0M	$336K	50x	as long as short
Binance BILLUSDT	+0.0365%	4h	0.01384	+0.118%	$2.5M	$3.7M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended BILL-USD	+0.0368%	1h	0.01384	+0.114%	$1K	$225K	5x	as long as short
HTX BILL-USDT	+0.0478%	4h	0.01383	+0.072%	$13K	$25K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01375	−0.507%	$46K	$51K	50x	as long as short
KuCoin BILLUSDTM	+0.1508%	4h	0.01384	+0.145%	$455K	$298K	20x	as long as short
Deribit BILL_USDC-PERPETUALshort	+0.2209%	1h	0.01386	+0.304%	$108K	$14K	10x