Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0518%/8h= −56.7% APRpaid last 24h −0.205%

Price spread now: BloFin against Coinbase International+0.007%58s7-day average −0.433% · you sell dearer than you buy

Net, funding: paid 7d − costs−$232as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1211.206% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.118%−$112 on $10k

Price spread, last 3 days (all we have)−0.333%−$33 · spread now +0.007%, 7d avg −0.433%

Together, before fees−1.451%−$145 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.440% dearer against Coinbase International than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.433%): +$44 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 2.8 days. The two prices were read 58 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	0.01386	0.0632	pay 0.0079% / 1h	39m 41s	$47K	$100K	50x
Short	BloFin BILL-USDT	0.01386	0.0114	get 0.0057% / 4h	3h 39m	$144K	$19K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$108.68
Price spread: +0.007% → −0.433%: $43.98
Slippage, 4 orders: −$98.63
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$185.33
Costs to cover: 1.206%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 59 min ago; BloFin: live order book, 16 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 Coinbase International live order book, 59 min ago	8.34 bp	17.5 bp −$17	25.7 bp −$257	doesn't fit	doesn't fit
Sell BloFin live order book, 16 min ago	10.79 bp	47.5 bp −$47	317.4 bp −$3,174	doesn't fit	doesn't fit

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	0.01385	−0.036%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01382	−0.281%	$1.3M	$938K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01381	−0.354%	$1.0M	$2.5M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01385	−0.065%	$280K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01382	−0.281%	$629K	$846K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01388	+0.152%	$2K	$1.1M	20x	as long as short
BloFin BILL-USDTshort	+0.0114%	4h	0.01386	+0.007%	$144K	$19K	20x
Backpack BILL_USDC_PERP	+0.0153%	1h	0.01384	−0.137%	$21K	$926	5x	as long as short
Binance BILLUSDT	+0.0312%	4h	0.01383	−0.205%	$2.5M	$3.6M	20x	as long as short
MEXC BILL_USDT	+0.0316%	4h	0.01384	−0.137%	$988K	$322K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BILL-USDT	+0.0318%	4h	0.01384	−0.137%	—	$1.7M	—	as long as short
Extended BILL-USD	+0.0320%	1h	0.01383	−0.230%	$5K	$261K	5x	as long as short
Coinbase International BILL-PERP-INTXlong	+0.0632%	1h	0.01386	long leg	$47K	$100K	50x
HTX BILL-USDT	+0.0847%	4h	0.01390	+0.296%	$17K	$8K	20x	as long as short
KuCoin BILLUSDTM	+0.0956%	4h	0.01384	−0.137%	$445K	$280K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2209%	1h	0.01386	+0.029%	$108K	$14K	10x	as long as short