Funding you earn now, next payment 03:00 UTC−0.2321%/8h= −254.1% APRnext payment −$2.90 per $10,000 · paid last 24h −0.564%
Price spread now: Backpack against Deribit−0.302%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+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 −$70 a day on $10k at the current rate, and Backpack is 0.302% cheaper against Deribit than usual: you would sell low and buy high (−$30 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 | Deribit BILL_USDC-PERPETUAL | 0.01389 | 0.2421 | pay 0.0303% / 1h | 18m 51s | $108K | $14K | 10x |
| Short | Backpack BILL_USDC_PERP | 0.01385 | 0.0100 | get 0.0013% / 1h | 18m 51s | $21K | $939 | 5x |
Deribit BILL_USDC-PERPETUAL
Backpack BILL_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$487.31
- Price spread: −0.302% → 0.000%
- −$30.23
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$534.54
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Deribit: live order book, 44 min ago; Backpack: no order-book sample. 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 Deribit live order book, 44 min ago | 12.99 bp | 16.5 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
Backpack: 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 | +0.0048% | 4h | 0.01384 | −0.374% | $146K | $19K | 20x | as long as short |
| Bybit BILLUSDT | +0.0100% | 4h | 0.01386 | −0.230% | $1.3M | $959K | 20x | as long as short |
| Gate BILL_USDT | +0.0100% | 4h | 0.01387 | −0.158% | $279K | $84K | 20x | as long as short |
| Bitget BILLUSDT | +0.0100% | 4h | 0.01387 | −0.158% | $639K | $1.1M | 20x | as long as short |
| Backpack BILL_USDC_PERPshort | +0.0100% | 1h | 0.01385 | −0.302% | $21K | $939 | 5x | |
| SunX BILL-USDT | +0.0100% | 4h | 0.01389 | −0.014% | $1K | $1.1M | 20x | as long as short |
| HTX BILL-USDT | +0.0100% | 4h | 0.01387 | −0.158% | $11K | $38K | 20x | as long as short |
| OKX BILL-USDT-SWAP | +0.0207% | 4h | 0.01386 | −0.230% | $1.1M | $2.7M | 20x | as long as short |
| Aster BILLUSDT | +0.0263% | 4h | 0.01387 | −0.166% | $2K | $4K | 5x | as long as short |
| BingX BILL-USDT | +0.0448% | 4h | 0.01388 | −0.086% | — | $1.7M | — | as long as short |
BloFin BILL-USDT
Bybit BILLUSDT
Gate BILL_USDT
Bitget BILLUSDT
SunX BILL-USDT
HTX BILL-USDT
OKX BILL-USDT-SWAP
Aster BILLUSDT
BingX BILL-USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended BILL-USD | +0.0464% | 1h | 0.01388 | −0.113% | $3K | $219K | 5x | as long as short |
| Binance BILLUSDT | +0.0466% | 4h | 0.01388 | −0.086% | $2.5M | $3.8M | 20x | as long as short |
| MEXC BILL_USDT | +0.0466% | 4h | 0.01387 | −0.158% | $1.1M | $338K | 50x | as long as short |
| Coinbase International BILL-PERP-INTX | +0.0688% | 1h | 0.01379 | −0.720% | $46K | $51K | 50x | as long as short |
| KuCoin BILLUSDTM | +0.1906% | 4h | 0.01387 | −0.130% | $462K | $307K | 20x | as long as short |
| Deribit BILL_USDC-PERPETUALlong | +0.2421% | 1h | 0.01389 | long leg | $108K | $14K | 10x |
Extended BILL-USD
Binance BILLUSDT
MEXC BILL_USDT
Coinbase International BILL-PERP-INTX
KuCoin BILLUSDTM