Funding arb · Price arb /

BILL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0588%/8h= −64.4% APRpaid last 24h −0.200%

Price spread now: Gate against Coinbase International−0.101%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.105%−$110 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Gate is 0.101% cheaper against Coinbase International than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BILL-PERP-INTX	0.01379	0.0688	pay 0.0086% / 1h	31m 06s	$66K	$72K	50x
Short	Gate BILL_USDT	0.01378	0.0100	get 0.0050% / 4h	31m 06s	$277K	$85K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.101%Rate

Funding earned: −$123.48
Price spread: −0.101% → 0.000%: −$10.15
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$158.63
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Gate: live order book, 21 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 Gate live order book, 21 min ago	11.03 bp	451.1 bp −$451	doesn't fit	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
Bybit BILLUSDT	+0.0100%	4h	0.01379	−0.029%	$1.3M	$992K	20x	as long as short
Gate BILL_USDTshort	+0.0100%	4h	0.01378	−0.101%	$277K	$85K	20x
Bitget BILLUSDT	+0.0100%	4h	0.01381	+0.116%	$646K	$1.1M	20x	as long as short
Backpack BILL_USDC_PERP	+0.0100%	1h	0.01379	−0.029%	$21K	$951	5x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01383	+0.261%	$2K	$1.1M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01364	−1.116%	$11K	$39K	20x	as long as short
BloFin BILL-USDT	+0.0115%	4h	0.01376	−0.246%	$146K	$19K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0130%	4h	0.01380	+0.043%	$1.1M	$2.8M	20x	as long as short
Aster BILLUSDT	+0.0143%	4h	0.01381	+0.093%	$2K	$4K	5x	as long as short
MEXC BILL_USDT	+0.0274%	4h	0.01381	+0.116%	$1.1M	$341K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BILLUSDT	+0.0284%	4h	0.01382	+0.185%	$2.5M	$3.9M	20x	as long as short
Extended BILL-USD	+0.0288%	1h	0.01381	+0.117%	$2K	$220K	5x	as long as short
BingX BILL-USDT	+0.0292%	4h	0.01380	+0.043%	—	$1.7M	—	as long as short
Coinbase International BILL-PERP-INTXlong	+0.0688%	1h	0.01379	long leg	$66K	$72K	50x
KuCoin BILLUSDTM	+0.1352%	4h	0.01381	+0.138%	$459K	$314K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2145%	1h	0.01381	+0.138%	$108K	$14K	10x	as long as short