Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2142%/8h= −234.5% APRpaid last 24h −0.630%

Price spread now: SunX against Deribit+0.161%7-day average +0.079% · 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−$272as in the Price arb table

costs, in and out, $10k−$2802.800% of the position

Long on Deribit Short on SunX

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)−0.163%−$16 · spread now +0.161%, 7d avg +0.079%

Together, before fees−2.043%−$204 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.082% dearer against Deribit than usual: you sell high and buy low (spread +0.161% now, against its 7-day average of +0.079%): +$8 on $10k if it goes back. Holding the pair costs −$64 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	0.01368	0.2242	pay 0.0280% / 1h	49m 13s	$107K	$14K	10x
Short	SunX BILL-USDT	0.01370	0.0100	get 0.0050% / 4h	2h 49m	$1K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.161%Rate

Funding earned: −$449.81
Price spread: +0.161% → +0.079%: $8.23
Slippage, 4 orders: −$264.97
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$721.55
Costs to cover: 2.800%
Break-even: never at this rate

Slippage from Deribit: live order book, 19 min ago; SunX: live order book, 4 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, 19 min ago	12.99 bp	16.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	40.13 bp	144.2 bp −$144	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
Aster BILLUSDT	+0.0100%	4h	0.01370	+0.180%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01367	−0.058%	$1.3M	$962K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01368	+0.015%	$994K	$2.6M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01368	+0.015%	$276K	$76K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01367	−0.058%	$624K	$925K	20x	as long as short
SunX BILL-USDTshort	+0.0100%	4h	0.01370	+0.161%	$1K	$1.1M	20x
BloFin BILL-USDT	+0.0145%	4h	0.01369	+0.088%	$146K	$19K	20x	as long as short
BingX BILL-USDT	+0.0194%	4h	0.01367	−0.058%	—	$1.7M	—	as long as short
MEXC BILL_USDT	+0.0206%	4h	0.01367	−0.058%	$1.0M	$330K	50x	as long as short
Binance BILLUSDT	+0.0207%	4h	0.01368	−0.012%	$2.4M	$3.7M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended BILL-USD	+0.0208%	1h	0.01367	−0.083%	$2K	$227K	5x	as long as short
Backpack BILL_USDC_PERP	+0.0552%	1h	0.01368	+0.015%	$21K	$941	5x	as long as short
HTX BILL-USDT	+0.0557%	4h	0.01371	+0.234%	$17K	$8K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01364	−0.292%	$46K	$99K	50x	as long as short
KuCoin BILLUSDTM	+0.0852%	4h	0.01368	+0.022%	$445K	$292K	20x	as long as short
Deribit BILL_USDC-PERPETUALlong	+0.2242%	1h	0.01368	long leg	$107K	$14K	10x