Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0626%/8h= −68.6% APRpaid last 24h −0.222%

Price spread now: Bybit against Coinbase International+0.067%7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.121%−$112 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. Bybit is 0.067% dearer against Coinbase International than usual: you sell high and buy low (spread +0.067% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BILL-PERP-INTX	0.01346	0.0728	pay 0.0091% / 1h	51m 10s	$46K	$96K	50x
Short	Bybit BILLUSDT	0.01347	0.0102	get 0.0051% / 4h	1h 51m	$1.3M	$910K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$131.47
Price spread: +0.067% → 0.000%: $6.69
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$145.78
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	7.41 bp	70.0 bp −$70	787.0 bp −$7,870	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
Aster BILLUSDT	+0.0100%	4h	0.01349	+0.190%	$2K	$4K	5x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01350	+0.290%	$1.0M	$2.3M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01348	+0.141%	$272K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01351	+0.364%	$612K	$732K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01353	+0.513%	$2K	$1.0M	20x	as long as short
Bybit BILLUSDTshort	+0.0102%	4h	0.01347	+0.067%	$1.3M	$910K	20x
BloFin BILL-USDT	+0.0106%	4h	0.01349	+0.215%	$140K	$31K	20x	as long as short
Extended BILL-USD	+0.0208%	1h	0.01351	+0.349%	$1K	$213K	5x	as long as short
Binance BILLUSDT	+0.0210%	4h	0.01351	+0.364%	$2.3M	$3.5M	20x	as long as short
BingX BILL-USDT	+0.0212%	4h	0.01350	+0.290%	—	$1.7M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BILLUSDTM	+0.0214%	4h	0.01350	+0.253%	$432K	$263K	20x	as long as short
MEXC BILL_USDT	+0.0216%	4h	0.01351	+0.364%	$870K	$301K	50x	as long as short
Coinbase International BILL-PERP-INTXlong	+0.0728%	1h	0.01346	long leg	$46K	$96K	50x
Backpack BILL_USDC_PERP	+0.0737%	1h	0.01348	+0.141%	$21K	$955	5x	as long as short
HTX BILL-USDT	+0.1057%	4h	0.01354	+0.587%	$19K	$29K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2272%	1h	0.01352	+0.409%	$105K	$16K	10x	as long as short