Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1419%/8h= +155.4% APRpaid last 24h +0.490%

Price spread now: Deribit against KuCoin+0.015%7-day average +0.063% · 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−$1,350as in the Price arb table

costs, in and out, $10k−$1,34513.455% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+1.552%+$155 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now +0.015%, 7d avg +0.063%

Together, before fees+1.614%+$161 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.049% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.015% now, against its 7-day average of +0.063%). If the spread goes back, that is −$5 on $10k: about 3 hours of funding at the current rate (+$43 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin BILLUSDTM	0.01371	0.0670	pay 0.0335% / 4h	2h 35m	$452K	$338K	20x
Short	Deribit BILL_USDC-PERPETUAL	0.01371	0.2089	get 0.0261% / 1h	35m 51s	$107K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now +0.015%Rate

Funding earned: $297.96
Price spread: +0.015% → +0.063%: −$4.86
Slippage, 4 orders: −$1,326.49
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$1,052.4
Costs to cover: 13.455%
Break-even: 31.7 days

Slippage from KuCoin: live order book, 22 min ago; Deribit: live order book, 12 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 KuCoin live order book, 22 min ago	8.39 bp	704.9 bp −$705	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 12 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	+0.0067%	4h	0.01362	−0.671%	$148K	$17K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01372	+0.040%	$1K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01369	−0.160%	$1.3M	$1.0M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01368	−0.233%	$278K	$90K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01372	+0.058%	$2K	$1.2M	20x	as long as short
HTX BILL-USDT	+0.0100%	4h	0.01367	−0.306%	$11K	$39K	20x	as long as short
Extended BILL-USD	+0.0120%	1h	0.01371	−0.041%	$4K	$261K	5x	as long as short
Binance BILLUSDT	+0.0120%	4h	0.01372	+0.090%	$2.5M	$4.0M	20x	as long as short
MEXC BILL_USDT	+0.0126%	4h	0.01371	−0.015%	$980K	$341K	50x	as long as short
Backpack BILL_USDC_PERP	+0.0245%	1h	0.01369	−0.160%	$21K	$977	5x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BILLUSDT	+0.0272%	4h	0.01372	+0.058%	$650K	$1.3M	20x	as long as short
BingX BILL-USDT	+0.0488%	4h	0.01371	−0.015%	—	$1.7M	—	as long as short
OKX BILL-USDT-SWAP	+0.0507%	4h	0.01371	−0.015%	$1.1M	$2.9M	20x	as long as short
KuCoin BILLUSDTMlong	+0.0670%	4h	0.01371	long leg	$452K	$338K	20x
Coinbase International BILL-PERP-INTX	+0.0832%	1h	0.01365	−0.481%	$38K	$98K	50x	as long as short
Deribit BILL_USDC-PERPETUALshort	+0.2089%	1h	0.01371	+0.015%	$107K	$12K	10x