Funding you earn now, next payment 01:00 UTC−0.1577%/8h= −172.7% APRnext payment −$1.97 per $10,000 · paid last 24h −0.422%
Price spread now: Coinbase International against Deribit−0.808%59s7-day average +0.338% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 6 days (all we have)−0.908%−$91 on $10k
+Price spread, last 3 days (all we have)+0.847%+$85 · spread now −0.808%, 7d avg +0.338%
=Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and Coinbase International is 1.146% cheaper against Deribit than usual: you would sell low and buy high (−$115 if the spread goes back to its 7-day average of +0.338%). Swap the legs. The two prices were read 59 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 | 0.01386 | 0.2209 | pay 0.0276% / 1h | 5m 21s | $108K | $14K | 10x |
| Short | Coinbase International BILL-PERP-INTX | 0.01375 | 0.0632 | get 0.0079% / 1h | 5m 21s | $46K | $51K | 50x |
Deribit BILL_USDC-PERPETUAL
Coinbase International BILL-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$331.12
- Price spread: −0.808% → +0.338%
- −$114.6
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$462.72
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Deribit: live order book, 63 min ago; Coinbase International: no order-book sample. Net counts fees only.
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, 63 min ago | 12.99 bp | 16.5 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
| Sell Coinbase International no order-book sample | — | — | — | — | — |
Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
BILL on 15 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 | 0.01382 | −0.303% | $1.3M | $957K | 20x | as long as short |
| OKX BILL-USDT-SWAP | +0.0100% | 4h | 0.01386 | −0.014% | $1.0M | $2.7M | 20x | as long as short |
| Gate BILL_USDT | +0.0100% | 4h | 0.01383 | −0.231% | $280K | $84K | 20x | as long as short |
| Bitget BILLUSDT | +0.0100% | 4h | 0.01383 | −0.231% | $637K | $1.0M | 20x | as long as short |
| SunX BILL-USDT | +0.0100% | 4h | 0.01387 | +0.058% | $2K | $1.1M | 20x | as long as short |
| Aster BILLUSDT | +0.0164% | 4h | 0.01382 | −0.303% | $2K | $4K | 5x | as long as short |
| Backpack BILL_USDC_PERP | +0.0324% | 1h | 0.01382 | −0.303% | $21K | $939 | 5x | as long as short |
| BingX BILL-USDT | +0.0340% | 4h | 0.01384 | −0.159% | — | $1.7M | — | as long as short |
| MEXC BILL_USDT | +0.0364% | 4h | 0.01383 | −0.231% | $1.0M | $336K | 50x | as long as short |
| Binance BILLUSDT | +0.0365% | 4h | 0.01384 | −0.186% | $2.5M | $3.7M | 20x | as long as short |
Bybit BILLUSDT
OKX BILL-USDT-SWAP
Gate BILL_USDT
Bitget BILLUSDT
SunX BILL-USDT
Aster BILLUSDT
Backpack BILL_USDC_PERP
BingX BILL-USDT
MEXC BILL_USDT
Binance BILLUSDTShow all 15 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended BILL-USD | +0.0368% | 1h | 0.01384 | −0.189% | $1K | $225K | 5x | as long as short |
| HTX BILL-USDT | +0.0478% | 4h | 0.01383 | −0.231% | $13K | $25K | 20x | as long as short |
| Coinbase International BILL-PERP-INTXshort | +0.0632% | 1h | 0.01375 | −0.808% | $46K | $51K | 50x | |
| KuCoin BILLUSDTM | +0.1508% | 4h | 0.01384 | −0.159% | $455K | $298K | 20x | as long as short |
| Deribit BILL_USDC-PERPETUALlong | +0.2209% | 1h | 0.01386 | long leg | $108K | $14K | 10x |
Extended BILL-USD
HTX BILL-USDT
KuCoin BILLUSDTM