Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2266%/8h= −248.2% APRpaid last 24h −0.621%

Price spread now: BloFin against Deribit−0.343%57s7-day average −0.102% · 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−$1371.374% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.877%−$188 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.343%, 7d avg −0.102%

Together, before fees−1.820%−$182 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$68 a day on $10k at the current rate, and BloFin is 0.241% cheaper against Deribit than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.102%). Swap the legs. The two prices were read 57 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	0.01370	0.2312	pay 0.0289% / 1h	49m 25s	$107K	$14K	10x
Short	BloFin BILL-USDT	0.01365	0.0046	get 0.0023% / 4h	2h 49m	$147K	$19K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.343%Rate

Funding earned: −$475.91
Price spread: −0.343% → −0.102%: −$24.12
Slippage, 4 orders: −$118.39
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$637.42
Costs to cover: 1.374%
Break-even: never at this rate

Slippage from Deribit: live order book, 19 min ago; BloFin: live order book, 2 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, 19 min ago	12.99 bp	16.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	3.66 bp	64.0 bp −$64	334.2 bp −$3,342	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-USDTshort	+0.0046%	4h	0.01365	−0.343%	$147K	$19K	20x
Aster BILLUSDT	+0.0100%	4h	0.01370	+0.051%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01366	−0.270%	$1.3M	$961K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01367	−0.197%	$994K	$2.6M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01368	−0.124%	$276K	$76K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01368	−0.124%	$624K	$925K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01371	+0.095%	$2K	$1.1M	20x	as long as short
BingX BILL-USDT	+0.0194%	4h	0.01367	−0.197%	—	$1.7M	—	as long as short
MEXC BILL_USDT	+0.0206%	4h	0.01368	−0.124%	$1.0M	$330K	50x	as long as short
Binance BILLUSDT	+0.0207%	4h	0.01367	−0.197%	$2.4M	$3.7M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended BILL-USD	+0.0208%	1h	0.01370	−0.004%	$2K	$227K	5x	as long as short
Backpack BILL_USDC_PERP	+0.0552%	1h	0.01368	−0.124%	$21K	$941	5x	as long as short
HTX BILL-USDT	+0.0558%	4h	0.01371	+0.095%	$17K	$8K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01364	−0.431%	$46K	$99K	50x	as long as short
KuCoin BILLUSDTM	+0.0852%	4h	0.01368	−0.088%	$445K	$292K	20x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.2312%	1h	0.01370	long leg	$107K	$14K	10x