Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1635%/8h= −179.0% APRpaid last 24h −0.572%

Price spread now: Binance against Deribit−0.195%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$960.961% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.881%−$188 on $10k

Price spread, last 4 days (all we have)+0.189%+$19 · spread now −0.195%, 7d avg −0.026%

Together, before fees−1.692%−$169 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$49 a day on $10k at the current rate, and Binance is 0.169% cheaper against Deribit than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BILL_USDC-PERPETUAL	0.01385	0.1921	pay 0.0240% / 1h	28m 53s	$108K	$14K	10x
Short	Binance BILLUSDT	0.01382	0.0286	get 0.0143% / 4h	28m 53s	$2.5M	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 DeribitbpFee BinancebpOrdersPrice spread, now −0.195%Rate

Funding earned: −$343.32
Price spread: −0.195% → −0.026%: −$16.86
Slippage, 4 orders: −$79.1
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$456.28
Costs to cover: 0.961%
Break-even: never at this rate

Slippage from Deribit: live order book, 29 min ago; Binance: live order book, 8 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 Deribit live order book, 29 min ago	12.87 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	7.33 bp	32.4 bp −$32	151.3 bp −$1,513	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
Bybit BILLUSDT	+0.0100%	4h	0.01381	−0.267%	$1.3M	$996K	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01383	−0.123%	$278K	$86K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01381	−0.267%	$646K	$1.1M	20x	as long as short
Backpack BILL_USDC_PERP	+0.0100%	1h	0.01382	−0.195%	$21K	$951	5x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01386	+0.094%	$2K	$1.1M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01379	−0.412%	$11K	$39K	20x	as long as short
BloFin BILL-USDT	+0.0112%	4h	0.01381	−0.267%	$145K	$19K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0135%	4h	0.01382	−0.195%	$1.1M	$2.8M	20x	as long as short
Aster BILLUSDT	+0.0155%	4h	0.01383	−0.102%	$2K	$4K	5x	as long as short
BingX BILL-USDT	+0.0270%	4h	0.01384	−0.051%	—	$1.7M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BILL_USDT	+0.0284%	4h	0.01383	−0.123%	$1.1M	$341K	50x	as long as short
Binance BILLUSDTshort	+0.0286%	4h	0.01382	−0.195%	$2.5M	$3.9M	20x
Extended BILL-USD	+0.0288%	1h	0.01383	−0.151%	$2K	$220K	5x	as long as short
Coinbase International BILL-PERP-INTX	+0.0688%	1h	0.01381	−0.231%	$66K	$72K	50x	as long as short
KuCoin BILLUSDTM	+0.1352%	4h	0.01383	−0.116%	$460K	$315K	20x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.1921%	1h	0.01385	long leg	$108K	$14K	10x