Funding arb · Price arb /

BILL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1172%/8h= −128.3% APRpaid last 24h −0.028%

Price spread now: Backpack against KuCoin−0.166%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Backpack is 0.166% cheaper against KuCoin than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin BILLUSDTM	0.01384	0.1486	pay 0.0743% / 4h	2h 06m	$454K	$298K	20x
Short	Backpack BILL_USDC_PERP	0.01382	0.0314	get 0.0039% / 1h	6m 29s	$21K	$939	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$246.09
Price spread: −0.166% → 0.000%: −$16.61
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$284.7
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 31 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 KuCoin live order book, 31 min ago	14.96 bp	883.4 bp −$883	doesn't fit	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	0.01383	−0.094%	$1.3M	$959K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01384	−0.022%	$1.0M	$2.7M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01383	−0.094%	$280K	$84K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01383	−0.094%	$637K	$1.0M	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01383	−0.094%	$2K	$1.1M	20x	as long as short
Aster BILLUSDT	+0.0149%	4h	0.01382	−0.166%	$2K	$4K	5x	as long as short
Backpack BILL_USDC_PERPshort	+0.0314%	1h	0.01382	−0.166%	$21K	$939	5x
BingX BILL-USDT	+0.0340%	4h	0.01386	+0.123%	—	$1.7M	—	as long as short
Extended BILL-USD	+0.0344%	1h	0.01384	−0.045%	$1K	$225K	5x	as long as short
MEXC BILL_USDT	+0.0346%	4h	0.01384	−0.022%	$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	+0.0365%	4h	0.01385	+0.043%	$2.5M	$3.8M	20x	as long as short
HTX BILL-USDT	+0.0510%	4h	0.01378	−0.455%	$13K	$22K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01375	−0.672%	$46K	$51K	50x	as long as short
KuCoin BILLUSDTMlong	+0.1486%	4h	0.01384	long leg	$454K	$298K	20x
Deribit BILL_USDC-PERPETUAL	+0.1996%	1h	0.01384	−0.058%	$108K	$14K	10x	as long as short