Funding you earn now, next payment 02:00 UTC−0.0021%/8h= −2.4% APRnext payment −$0.03 per $10,000 · paid last 24h +0.016%
Price spread now: Backpack against Extended+0.150%48s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=The price spread pays, funding is against you. Backpack is 0.150% dearer against Extended than usual: you sell high and buy low (spread +0.150% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 23 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Extended BILL-USD | 0.01375 | 0.0336 | pay 0.0042% / 1h | 10m 21s | $1K | $225K | 5x |
| Short | Backpack BILL_USDC_PERP | 0.01377 | 0.0315 | get 0.0039% / 1h | 10m 21s | $21K | $923 | 5x |
Extended BILL-USD
Backpack BILL_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Extended. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$4.51
- Price spread: +0.150% → 0.000%
- $15.05
- Slippage, 4 orders
- no order book: not counted
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$4.47
- Costs to cover
- 0.150%
- Break-even
- from the start
Slippage unknown: Extended: live order book, 56 min ago; Backpack: 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 Extended live order book, 56 min ago | 5.42 bp | 48.9 bp −$49 | 460.0 bp −$4,600 | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
Backpack: 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 15 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 | 0.01372 | −0.213% | $1.3M | $965K | 20x | as long as short |
| OKX BILL-USDT-SWAP | +0.0100% | 4h | 0.01376 | +0.078% | $1.0M | $2.7M | 20x | as long as short |
| Gate BILL_USDT | +0.0100% | 4h | 0.01375 | +0.005% | $279K | $81K | 20x | as long as short |
| Bitget BILLUSDT | +0.0100% | 4h | 0.01374 | −0.068% | $634K | $1.0M | 20x | as long as short |
| SunX BILL-USDT | +0.0100% | 4h | 0.01379 | +0.296% | $2K | $1.1M | 20x | as long as short |
| Aster BILLUSDT | +0.0121% | 4h | 0.01378 | +0.246% | $2K | $4K | 5x | as long as short |
| Backpack BILL_USDC_PERPshort | +0.0315% | 1h | 0.01377 | +0.150% | $21K | $923 | 5x | |
| BingX BILL-USDT | +0.0316% | 4h | 0.01376 | +0.078% | — | $1.7M | — | as long as short |
| MEXC BILL_USDT | +0.0332% | 4h | 0.01375 | +0.005% | $1.0M | $336K | 50x | as long as short |
| Extended BILL-USDlong | +0.0336% | 1h | 0.01375 | long leg | $1K | $225K | 5x |
Bybit BILLUSDT
OKX BILL-USDT-SWAP
Gate BILL_USDT
Bitget BILLUSDT
SunX BILL-USDT
Aster BILLUSDT
BingX BILL-USDT
MEXC BILL_USDTShow all 15 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance BILLUSDT | +0.0338% | 4h | 0.01375 | +0.017% | $2.4M | $3.8M | 20x | as long as short |
| HTX BILL-USDT | +0.0611% | 4h | 0.01378 | +0.223% | $17K | $8K | 20x | as long as short |
| Coinbase International BILL-PERP-INTX | +0.0632% | 1h | 0.01378 | +0.223% | $46K | $51K | 50x | as long as short |
| KuCoin BILLUSDTM | +0.1396% | 4h | 0.01375 | −0.002% | $448K | $296K | 20x | as long as short |
| Deribit BILL_USDC-PERPETUAL | +0.2153% | 1h | 0.01377 | +0.136% | $107K | $14K | 10x | as long as short |
Binance BILLUSDT
HTX BILL-USDT
Coinbase International BILL-PERP-INTX
KuCoin BILLUSDTM
Deribit BILL_USDC-PERPETUAL