Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1844%/8h= +202.0% APRpaid last 24h +0.610%

Price spread now: Deribit against Gate+0.080%7-day average +0.155% · 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−$502as in the Price arb table

costs, in and out, $10k−$4954.947% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+1.994%+$199 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now +0.080%, 7d avg +0.155%

Together, before fees+2.092%+$209 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.075% cheaper against Gate than usual: you would sell low and buy high (spread +0.080% now, against its 7-day average of +0.155%). If the spread goes back, that is −$7 on $10k: about 3 hours of funding at the current rate (+$55 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BILL_USDT	0.01369	0.0100	pay 0.0050% / 4h	2h 43m	$278K	$90K	20x
Short	Deribit BILL_USDC-PERPETUAL	0.01370	0.1944	get 0.0243% / 1h	43m 03s	$107K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.080%Rate

Funding earned: $387.33
Price spread: +0.080% → +0.155%: −$7.48
Slippage, 4 orders: −$472.74
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$114.9
Costs to cover: 4.947%
Break-even: 9.1 days

Slippage from Gate: live order book, 64 min ago; Deribit: 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 Gate live order book, 64 min ago	7.20 bp	184.4 bp −$184	71065.9 bp −$710.7K	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	5.83 bp	9.3 bp −$9	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
BloFin BILL-USDT	+0.0068%	4h	0.01369	0.000%	$148K	$17K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01370	+0.096%	$1K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01367	−0.146%	$1.3M	$1.0M	20x	as long as short
Gate BILL_USDTlong	+0.0100%	4h	0.01369	long leg	$278K	$90K	20x
SunX BILL-USDT	+0.0100%	4h	0.01372	+0.219%	$2K	$1.2M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01370	+0.073%	$11K	$39K	20x	as long as short
Extended BILL-USD	+0.0152%	1h	0.01370	+0.046%	$4K	$261K	5x	as long as short
Binance BILLUSDT	+0.0155%	4h	0.01370	+0.073%	$2.5M	$4.0M	20x	as long as short
MEXC BILL_USDT	+0.0160%	4h	0.01370	+0.073%	$998K	$338K	50x	as long as short
Bitget BILLUSDT	+0.0278%	4h	0.01370	+0.073%	$647K	$1.2M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack BILL_USDC_PERP	+0.0329%	1h	0.01368	−0.073%	$21K	$1K	5x	as long as short
BingX BILL-USDT	+0.0496%	4h	0.01369	0.000%	—	$1.7M	—	as long as short
OKX BILL-USDT-SWAP	+0.0512%	4h	0.01370	+0.073%	$1.1M	$2.9M	20x	as long as short
KuCoin BILLUSDTM	+0.0736%	4h	0.01371	+0.153%	$457K	$337K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0832%	1h	0.01371	+0.175%	$39K	$98K	50x	as long as short
Deribit BILL_USDC-PERPETUALshort	+0.1944%	1h	0.01370	+0.080%	$107K	$12K	10x