Funding arb · Price arb /

BILL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1989%/8h= −217.8% APRpaid last 24h −0.447%

Price spread now: HTX against Deribit−0.321%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$60 a day on $10k at the current rate, and HTX is 0.321% cheaper against Deribit than usual: you would sell low and buy high (−$32 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BILL_USDC-PERPETUAL	0.01371	0.2089	pay 0.0261% / 1h	36m 18s	$107K	$12K	10x
Short	HTX BILL-USDT	0.01367	0.0100	get 0.0050% / 4h	2h 36m	$11K	$39K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.321%Rate

Funding earned: −$417.66
Price spread: −0.321% → 0.000%: −$32.08
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$468.74
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 12 min ago; HTX: 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, 12 min ago	5.83 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell HTX no order-book sample	—	—	—	—	—

HTX: 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 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	+0.0067%	4h	0.01362	−0.685%	$148K	$17K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01370	−0.075%	$1K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01368	−0.248%	$1.3M	$1.0M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01368	−0.248%	$278K	$90K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01372	+0.044%	$2K	$1.2M	20x	as long as short
HTX BILL-USDTshort	+0.0100%	4h	0.01367	−0.321%	$11K	$39K	20x
Extended BILL-USD	+0.0120%	1h	0.01371	−0.055%	$4K	$261K	5x	as long as short
Binance BILLUSDT	+0.0120%	4h	0.01371	−0.029%	$2.5M	$4.0M	20x	as long as short
MEXC BILL_USDT	+0.0126%	4h	0.01370	−0.102%	$980K	$341K	50x	as long as short
Backpack BILL_USDC_PERP	+0.0226%	1h	0.01369	−0.175%	$21K	$977	5x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BILLUSDT	+0.0272%	4h	0.01371	−0.029%	$650K	$1.3M	20x	as long as short
BingX BILL-USDT	+0.0488%	4h	0.01370	−0.102%	—	$1.7M	—	as long as short
OKX BILL-USDT-SWAP	+0.0507%	4h	0.01371	−0.029%	$1.1M	$2.9M	20x	as long as short
KuCoin BILLUSDTM	+0.0670%	4h	0.01370	−0.139%	$452K	$338K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0832%	1h	0.01365	−0.496%	$38K	$98K	50x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.2089%	1h	0.01371	long leg	$107K	$12K	10x