Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1419%/8h= −155.4% APRpaid last 24h −0.490%

Price spread now: KuCoin against Deribit−0.015%7-day average −0.063% · 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−$1,341as in the Price arb table

costs, in and out, $10k−$1,34513.455% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.552%−$155 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now −0.015%, 7d avg −0.063%

Together, before fees−1.614%−$161 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.049% dearer against Deribit than usual: you sell high and buy low (spread −0.015% now, against its 7-day average of −0.063%): +$5 on $10k if it goes back. Holding the pair costs −$43 a day in funding at the current rate, which eats that in about 3 hours.

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	35m 47s	$107K	$12K	10x
Short	KuCoin BILLUSDTM	0.01371	0.0670	get 0.0335% / 4h	2h 35m	$452K	$338K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$297.96
Price spread: −0.015% → −0.063%: $4.86
Slippage, 4 orders: −$1,326.49
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$1,638.58
Costs to cover: 13.455%
Break-even: never at this rate

Slippage from Deribit: live order book, 13 min ago; KuCoin: live order book, 22 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, 13 min ago	5.83 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 22 min ago	8.39 bp	622.0 bp −$622	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	+0.0067%	4h	0.01362	−0.685%	$148K	$17K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01372	+0.025%	$1K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01369	−0.175%	$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-USDT	+0.0100%	4h	0.01367	−0.321%	$11K	$39K	20x	as long as short
Extended BILL-USD	+0.0120%	1h	0.01371	−0.055%	$4K	$261K	5x	as long as short
Binance BILLUSDT	+0.0120%	4h	0.01372	+0.076%	$2.5M	$4.0M	20x	as long as short
MEXC BILL_USDT	+0.0126%	4h	0.01371	−0.029%	$980K	$341K	50x	as long as short
Backpack BILL_USDC_PERP	+0.0245%	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	0.01372	+0.044%	$650K	$1.3M	20x	as long as short
BingX BILL-USDT	+0.0488%	4h	0.01371	−0.029%	—	$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 BILLUSDTMshort	+0.0670%	4h	0.01371	−0.015%	$452K	$338K	20x
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