Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1893%/8h= −207.2% APRpaid last 24h −0.541%

Price spread now: BingX against Deribit+0.015%7-day average −0.056% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1211.207% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.703%−$170 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now +0.015%, 7d avg −0.056%

Together, before fees−1.796%−$180 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.071% dearer against Deribit than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.056%): +$7 on $10k if it goes back. Holding the pair costs −$57 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 6 days (−1.703% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BILL_USDC-PERPETUAL	0.01364	0.2397	pay 0.0300% / 1h	40m 00s	$148K	$53K	10x
Short	BingX BILL-USDT	0.01364	0.0504	get 0.0252% / 4h	3h 40m	—	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$397.46
Price spread: +0.015% → −0.056%: $7.06
Slippage, 4 orders: −$103.75
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$511.15
Costs to cover: 1.207%
Break-even: never at this rate

Slippage from Deribit: live order book, 58 min ago; BingX: 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, 58 min ago	11.72 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	10.96 bp	45.9 bp −$46	139.2 bp −$1,392	1176.9 bp −$117.7K	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
BloFin BILL-USDT	+0.0052%	4h	0.01364	+0.015%	$146K	$17K	20x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01361	−0.205%	$1.3M	$1.1M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01361	−0.205%	$296K	$132K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01365	+0.088%	$1K	$1.3M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01363	−0.059%	$11K	$40K	20x	as long as short
Aster BILLUSDT	+0.0150%	4h	0.01364	+0.027%	$3K	$6K	5x	as long as short
Extended BILL-USD	+0.0296%	1h	0.01363	−0.086%	$1K	$269K	5x	as long as short
MEXC BILL_USDT	+0.0296%	4h	0.01363	−0.059%	$1.1M	$347K	50x	as long as short
Binance BILLUSDT	+0.0296%	4h	0.01363	−0.059%	$2.5M	$4.3M	20x	as long as short
Bitget BILLUSDT	+0.0418%	4h	0.01364	+0.015%	$673K	$1.4M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BILL-USDTshort	+0.0504%	4h	0.01364	+0.015%	—	$1.7M	—
OKX BILL-USDT-SWAP	+0.0525%	4h	0.01362	−0.132%	$1.1M	$3.0M	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0816%	1h	0.01362	−0.117%	$37K	$71K	50x	as long as short
KuCoin BILLUSDTM	+0.0980%	4h	0.01363	−0.029%	$447K	$376K	20x	as long as short
Backpack BILL_USDC_PERP	+0.1600%	1h	0.01362	−0.132%	$21K	$875	5x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.2397%	1h	0.01364	long leg	$148K	$53K	10x