Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.2020%/8h= −221.2% APRpaid last 24h −0.643%

Price spread now: Bybit against Deribit−0.303%7-day average −0.161% · 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−$168as in the Price arb table

costs, in and out, $10k−$1541.543% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.831%−$183 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.303%, 7d avg −0.161%

Together, before fees−1.759%−$176 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$61 a day on $10k at the current rate, and Bybit is 0.142% cheaper against Deribit than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.161%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BILL_USDC-PERPETUAL	0.01352	0.2122	pay 0.0265% / 1h	50m 16s	$105K	$16K	10x
Short	Bybit BILLUSDT	0.01348	0.0102	get 0.0051% / 4h	1h 50m	$1.3M	$908K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.303%Rate

Funding earned: −$424.27
Price spread: −0.303% → −0.161%: −$14.2
Slippage, 4 orders: −$136.26
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$592.73
Costs to cover: 1.543%
Break-even: never at this rate

Slippage from Deribit: live order book, 33 min ago; Bybit: live order book, 5 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, 33 min ago	8.50 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	7.41 bp	70.0 bp −$70	787.0 bp −$7,870	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
Aster BILLUSDT	+0.0100%	4h	0.01349	−0.245%	$2K	$4K	5x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01349	−0.229%	$1.0M	$2.3M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01348	−0.303%	$272K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01351	−0.081%	$614K	$732K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01353	+0.067%	$2K	$1.0M	20x	as long as short
Bybit BILLUSDTshort	+0.0102%	4h	0.01348	−0.303%	$1.3M	$908K	20x
BloFin BILL-USDT	+0.0106%	4h	0.01349	−0.229%	$140K	$31K	20x	as long as short
MEXC BILL_USDT	+0.0208%	4h	0.01351	−0.081%	$870K	$301K	50x	as long as short
BingX BILL-USDT	+0.0212%	4h	0.01350	−0.155%	—	$1.7M	—	as long as short
Binance BILLUSDT	+0.0223%	4h	0.01351	−0.081%	$2.3M	$3.5M	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	+0.0224%	1h	0.01351	−0.098%	$1K	$213K	5x	as long as short
KuCoin BILLUSDTM	+0.0228%	4h	0.01351	−0.089%	$433K	$263K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0728%	1h	0.01346	−0.444%	$46K	$95K	50x	as long as short
Backpack BILL_USDC_PERP	+0.0757%	1h	0.01350	−0.155%	$21K	$955	5x	as long as short
HTX BILL-USDT	+0.1057%	4h	0.01354	+0.141%	$19K	$29K	20x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.2122%	1h	0.01352	long leg	$105K	$16K	10x