Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h −0.031%

Price spread now: Bybit against Extended−0.281%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$264as in the Funding arb table

Net, price: spread back to 7d avg − costs−$272as in the Price arb table

costs, in and out, $10k−$2542.543% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 4 days (all we have)+0.219%+$22 · spread now −0.281%, 7d avg −0.109%

Together, before fees+0.119%+ Points / potential airdropExtended: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.173% cheaper against Extended than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.109%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended BILL-USD	0.01351	0.0208	pay 0.0026% / 1h	51m 10s	$1K	$213K	5x
Short	Bybit BILLUSDT	0.01347	0.0102	get 0.0051% / 4h	1h 51m	$1.3M	$910K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now −0.281%Rate

Funding earned: −$22.27
Price spread: −0.281% → −0.109%: −$17.26
Slippage, 4 orders: −$238.26
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$293.79
Costs to cover: 2.543%
Break-even: never at this rate

Slippage from Extended: live order book, 31 min ago; Bybit: live order book, 5 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 Extended live order book, 31 min ago	6.28 bp	54.7 bp −$55	477.6 bp −$4,776	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	7.41 bp	70.0 bp −$70	787.0 bp −$7,870	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	0.01349	−0.159%	$2K	$4K	5x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01350	−0.059%	$1.0M	$2.3M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01348	−0.207%	$272K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01351	+0.015%	$612K	$732K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01353	+0.163%	$2K	$1.0M	20x	as long as short
Bybit BILLUSDTshort	+0.0102%	4h	0.01347	−0.281%	$1.3M	$910K	20x
BloFin BILL-USDT	+0.0106%	4h	0.01349	−0.133%	$140K	$31K	20x	as long as short
Extended BILL-USDlong	+0.0208%	1h	0.01351	long leg	$1K	$213K	5x
Binance BILLUSDT	+0.0210%	4h	0.01351	+0.015%	$2.3M	$3.5M	20x	as long as short
BingX BILL-USDT	+0.0212%	4h	0.01350	−0.059%	—	$1.7M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BILLUSDTM	+0.0214%	4h	0.01350	−0.096%	$432K	$263K	20x	as long as short
MEXC BILL_USDT	+0.0216%	4h	0.01351	+0.015%	$870K	$301K	50x	as long as short
Coinbase International BILL-PERP-INTX	+0.0728%	1h	0.01346	−0.348%	$46K	$96K	50x	as long as short
Backpack BILL_USDC_PERP	+0.0737%	1h	0.01348	−0.207%	$21K	$955	5x	as long as short
HTX BILL-USDT	+0.1057%	4h	0.01354	+0.237%	$19K	$29K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2272%	1h	0.01352	+0.059%	$105K	$16K	10x	as long as short