Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h +0.208%

Price spread now: Coinbase International against Gate+0.218%7-day average +0.497% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.095%+$110 on $10k

Price spread, last 3 days (all we have)+0.108%+$11 · spread now +0.218%, 7d avg +0.497%

Together, before fees+1.204%+$120 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.279% cheaper against Gate than usual: you would sell low and buy high (spread +0.218% now, against its 7-day average of +0.497%). If the spread goes back, that is −$28 on $10k: about 42 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BILL_USDT	0.01375	0.0100	pay 0.0050% / 4h	2h 09m	$279K	$83K	20x
Short	Coinbase International BILL-PERP-INTX	0.01378	0.0632	get 0.0079% / 1h	9m 30s	$46K	$51K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.218%Rate

Funding earned: $111.72
Price spread: +0.218% → +0.497%: −$27.92
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $58.8
Costs to cover: 0.250%
Break-even: 3.3 days

Slippage unknown: Gate: live order book, 52 min ago; Coinbase International: 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 Gate live order book, 52 min ago	10.89 bp	535.0 bp −$535	77917.4 bp −$779.2K	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	0.01373	−0.145%	$1.3M	$965K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01375	0.000%	$1.0M	$2.7M	20x	as long as short
Gate BILL_USDTlong	+0.0100%	4h	0.01375	long leg	$279K	$83K	20x
Bitget BILLUSDT	+0.0100%	4h	0.01374	−0.073%	$634K	$1.0M	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01379	+0.291%	$2K	$1.1M	20x	as long as short
Aster BILLUSDT	+0.0121%	4h	0.01376	+0.043%	$2K	$4K	5x	as long as short
Backpack BILL_USDC_PERP	+0.0309%	1h	0.01374	−0.073%	$21K	$939	5x	as long as short
BingX BILL-USDT	+0.0316%	4h	0.01375	0.000%	—	$1.7M	—	as long as short
Extended BILL-USD	+0.0336%	1h	0.01375	+0.021%	$1K	$225K	5x	as long as short
MEXC BILL_USDT	+0.0338%	4h	0.01374	−0.073%	$1.0M	$336K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BILLUSDT	+0.0340%	4h	0.01375	0.000%	$2.4M	$3.8M	20x	as long as short
HTX BILL-USDT	+0.0596%	4h	0.01378	+0.218%	$17K	$14K	20x	as long as short
Coinbase International BILL-PERP-INTXshort	+0.0632%	1h	0.01378	+0.218%	$46K	$51K	50x
KuCoin BILLUSDTM	+0.1408%	4h	0.01376	+0.065%	$448K	$298K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2153%	1h	0.01377	+0.131%	$107K	$14K	10x	as long as short