Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1809%/8h= −198.1% APRpaid last 24h −0.610%

Price spread now: Bitget against Deribit−0.240%48s7-day average −0.106% · 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—prices read too far apart to compare

costs, in and out, $10k−$670.675% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.994%−$199 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.240%, 7d avg −0.106%

Together, before fees−1.950%−$195 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$54 a day on $10k at the current rate, and Bitget is 0.135% cheaper against Deribit than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.106%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BILL_USDC-PERPETUAL	0.01372	0.2087	pay 0.0261% / 1h	40m 25s	$107K	$12K	10x
Short	Bitget BILLUSDT	0.01369	0.0278	get 0.0139% / 4h	2h 40m	$645K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now −0.240%Rate

Funding earned: −$379.95
Price spread: −0.240% → −0.106%: −$13.49
Slippage, 4 orders: −$48.46
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$460.9
Costs to cover: 0.675%
Break-even: never at this rate

Slippage from Deribit: live order book, 8 min ago; Bitget: live order book, 1 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, 8 min ago	5.83 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	10.94 bp	24.3 bp −$24	103.3 bp −$1,033	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
BloFin BILL-USDT	+0.0078%	4h	0.01367	−0.386%	$113K	$17K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01371	−0.114%	$1K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01368	−0.313%	$1.3M	$1.0M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01369	−0.240%	$278K	$90K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01373	+0.051%	$1K	$1.2M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01370	−0.168%	$11K	$39K	20x	as long as short
Binance BILLUSDT	+0.0141%	4h	0.01370	−0.171%	$2.5M	$4.0M	20x	as long as short
Extended BILL-USD	+0.0144%	1h	0.01370	−0.192%	$4K	$261K	5x	as long as short
MEXC BILL_USDT	+0.0146%	4h	0.01369	−0.240%	$998K	$339K	50x	as long as short
Bitget BILLUSDTshort	+0.0278%	4h	0.01369	−0.240%	$645K	$1.2M	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack BILL_USDC_PERP	+0.0335%	1h	0.01369	−0.240%	$21K	$1K	5x	as long as short
BingX BILL-USDT	+0.0490%	4h	0.01371	−0.095%	—	$1.7M	—	as long as short
OKX BILL-USDT-SWAP	+0.0520%	4h	0.01370	−0.168%	$1.1M	$2.9M	20x	as long as short
KuCoin BILLUSDTM	+0.0712%	4h	0.01369	−0.226%	$454K	$337K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0832%	1h	0.01370	−0.197%	$38K	$98K	50x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.2087%	1h	0.01372	long leg	$107K	$12K	10x