Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1918%/8h= −210.0% APRpaid last 24h −0.574%

Price spread now: MEXC against Deribit−0.130%7-day average −0.060% · 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−$55as in the Price arb table

costs, in and out, $10k−$480.483% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.854%−$185 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.130%, 7d avg −0.060%

Together, before fees−1.802%−$180 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$58 a day on $10k at the current rate, and MEXC is 0.070% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.060%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BILL_USDC-PERPETUAL	0.01382	0.2362	pay 0.0295% / 1h	14m 00s	$108K	$14K	10x
Short	MEXC BILL_USDT	0.01380	0.0444	get 0.0222% / 4h	1h 14m	$1.1M	$338K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$402.8
Price spread: −0.130% → −0.060%: −$7.05
Slippage, 4 orders: −$41.31
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$458.16
Costs to cover: 0.483%
Break-even: never at this rate

Slippage from Deribit: live order book, 49 min ago; MEXC: live order book, 2 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, 49 min ago	12.99 bp	16.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	3.62 bp	7.9 bp −$8	76.7 bp −$767	334.3 bp −$33.4K	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
Bybit BILLUSDT	+0.0100%	4h	0.01380	−0.130%	$1.3M	$960K	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01380	−0.130%	$278K	$84K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01381	−0.058%	$640K	$1.1M	20x	as long as short
Backpack BILL_USDC_PERP	+0.0100%	1h	0.01378	−0.275%	$21K	$939	5x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01383	+0.087%	$1K	$1.1M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01376	−0.420%	$11K	$39K	20x	as long as short
BloFin BILL-USDT	+0.0131%	4h	0.01383	+0.087%	$146K	$19K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0183%	4h	0.01380	−0.130%	$1.1M	$2.7M	20x	as long as short
Aster BILLUSDT	+0.0245%	4h	0.01380	−0.121%	$2K	$4K	5x	as long as short
BingX BILL-USDT	+0.0442%	4h	0.01379	−0.203%	—	$1.7M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BILL_USDTshort	+0.0444%	4h	0.01380	−0.130%	$1.1M	$338K	50x
Binance BILLUSDT	+0.0446%	4h	0.01380	−0.130%	$2.5M	$3.8M	20x	as long as short
Extended BILL-USD	+0.0448%	1h	0.01380	−0.157%	$1K	$222K	5x	as long as short
Coinbase International BILL-PERP-INTX	+0.0688%	1h	0.01380	−0.094%	$46K	$51K	50x	as long as short
KuCoin BILLUSDTM	+0.1834%	4h	0.01382	−0.007%	$459K	$308K	20x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.2362%	1h	0.01382	long leg	$108K	$14K	10x