Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0512%/8h= −56.1% APRpaid last 24h −0.197%

Price spread now: Bitget against Coinbase International+0.239%47s7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−1.108%−$111 on $10k

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. Bitget is 0.239% dearer against Coinbase International than usual: you sell high and buy low (spread +0.239% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 37 hours. The two prices were read 47 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	Coinbase International BILL-PERP-INTX	0.01381	0.0760	pay 0.0095% / 1h	33m 31s	$66K	$72K	50x
Short	Bitget BILLUSDT	0.01384	0.0248	get 0.0124% / 4h	3h 33m	$656K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now +0.239%Rate

Funding earned: −$107.52
Price spread: +0.239% → 0.000%: $23.9
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$105.62
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Bitget: live order book, 3 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	10.83 bp	26.7 bp −$27	154.0 bp −$1,540	doesn't fit	doesn't fit

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 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	+0.0060%	4h	0.01381	+0.022%	$146K	$19K	20x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01383	+0.167%	$1.3M	$1.0M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01384	+0.239%	$280K	$88K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01386	+0.384%	$2K	$1.2M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01382	+0.094%	$11K	$39K	20x	as long as short
Aster BILLUSDT	+0.0150%	4h	0.01382	+0.101%	$1K	$4K	5x	as long as short
Bitget BILLUSDTshort	+0.0248%	4h	0.01384	+0.239%	$656K	$1.2M	20x
Binance BILLUSDT	+0.0310%	4h	0.01385	+0.282%	$2.5M	$3.9M	20x	as long as short
Extended BILL-USD	+0.0312%	1h	0.01384	+0.259%	$3K	$227K	5x	as long as short
MEXC BILL_USDT	+0.0312%	4h	0.01385	+0.311%	$1.0M	$360K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack BILL_USDC_PERP	+0.0343%	1h	0.01382	+0.094%	$21K	$947	5x	as long as short
BingX BILL-USDT	+0.0416%	4h	0.01385	+0.311%	—	$1.7M	—	as long as short
OKX BILL-USDT-SWAP	+0.0489%	4h	0.01384	+0.239%	$1.1M	$2.8M	20x	as long as short
Coinbase International BILL-PERP-INTXlong	+0.0760%	1h	0.01381	long leg	$66K	$72K	50x
KuCoin BILLUSDTM	+0.1162%	4h	0.01384	+0.225%	$459K	$330K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.1922%	1h	0.01384	+0.246%	$108K	$13K	10x	as long as short