Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1939%/8h= −212.3% APRpaid last 24h −0.638%

Price spread now: Gate against Deribit+0.022%7-day average −0.159% · 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−$1,071as in the Price arb table

costs, in and out, $10k−$1,08910.888% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.880%−$188 on $10k

Price spread, last 3 days (all we have)−0.310%−$31 · spread now +0.022%, 7d avg −0.159%

Together, before fees−2.191%−$219 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.181% dearer against Deribit than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.159%): +$18 on $10k if it goes back. Holding the pair costs −$58 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BILL_USDC-PERPETUAL	0.01358	0.2039	pay 0.0255% / 1h	54m 17s	$106K	$14K	10x
Short	Gate BILL_USDT	0.01358	0.0100	get 0.0050% / 4h	2h 54m	$274K	$75K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.022%Rate

Funding earned: −$407.12
Price spread: +0.022% → −0.159%: $18.11
Slippage, 4 orders: −$1,066.82
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,477.83
Costs to cover: 10.888%
Break-even: never at this rate

Slippage from Deribit: live order book, 14 min ago; Gate: 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, 14 min ago	12.99 bp	16.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 8 min ago	10.89 bp	520.8 bp −$521	doesn't fit	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	+0.0064%	4h	0.01370	+0.906%	$146K	$19K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01363	+0.388%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01357	−0.052%	$1.3M	$959K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01357	−0.052%	$999K	$2.6M	20x	as long as short
Gate BILL_USDTshort	+0.0100%	4h	0.01358	+0.022%	$274K	$75K	20x
Bitget BILLUSDT	+0.0100%	4h	0.01358	+0.022%	$623K	$915K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01368	+0.759%	$1K	$1.1M	20x	as long as short
Extended BILL-USD	+0.0192%	1h	0.01358	+0.056%	$2K	$227K	5x	as long as short
Binance BILLUSDT	+0.0194%	4h	0.01359	+0.095%	$2.4M	$3.7M	20x	as long as short
MEXC BILL_USDT	+0.0202%	4h	0.01357	−0.052%	$1.0M	$330K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BILL-USDT	+0.0224%	4h	0.01358	+0.022%	—	$1.7M	—	as long as short
Backpack BILL_USDC_PERP	+0.0373%	1h	0.01364	+0.464%	$21K	$926	5x	as long as short
HTX BILL-USDT	+0.0478%	4h	0.01379	+1.569%	$17K	$8K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01367	+0.648%	$47K	$99K	50x	as long as short
KuCoin BILLUSDTM	+0.0782%	4h	0.01356	−0.125%	$437K	$288K	20x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.2039%	1h	0.01358	long leg	$106K	$14K	10x