Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.006%

Price spread now: Backpack against MEXC+0.074%7-day average — · you sell dearer than you buy

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

Long on MEXC 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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.074% dearer against MEXC than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC BILL_USDT	0.01359	0.0202	pay 0.0101% / 4h	2h 54m	$1.0M	$330K	50x
Short	Backpack BILL_USDC_PERP	0.01360	0.0259	get 0.0032% / 1h	54m 12s	$21K	$941	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.074%Rate

Funding earned: $11.99
Price spread: +0.074% → 0.000%: $7.36
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $9.35
Costs to cover: 0.100%
Break-even: 1.5 days

Slippage unknown: MEXC: live order book, 7 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 MEXC live order book, 7 min ago	3.63 bp	8.6 bp −$9	98.5 bp −$985	342.7 bp −$34.3K	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 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	+0.0064%	4h	0.01370	+0.809%	$146K	$19K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01360	+0.065%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01361	+0.147%	$1.3M	$959K	20x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01361	+0.147%	$999K	$2.6M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01360	+0.074%	$274K	$76K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01361	+0.147%	$624K	$915K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01368	+0.662%	$1K	$1.1M	20x	as long as short
Extended BILL-USD	+0.0192%	1h	0.01358	−0.040%	$2K	$227K	5x	as long as short
Binance BILLUSDT	+0.0194%	4h	0.01359	−0.014%	$2.4M	$3.7M	20x	as long as short
MEXC BILL_USDTlong	+0.0202%	4h	0.01359	long leg	$1.0M	$330K	50x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BILL-USDT	+0.0224%	4h	0.01361	+0.147%	—	$1.7M	—	as long as short
Backpack BILL_USDC_PERPshort	+0.0259%	1h	0.01360	+0.074%	$21K	$941	5x
HTX BILL-USDT	+0.0472%	4h	0.01370	+0.809%	$17K	$8K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01367	+0.552%	$47K	$99K	50x	as long as short
KuCoin BILLUSDTM	+0.0782%	4h	0.01358	−0.096%	$437K	$288K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2039%	1h	0.01358	−0.096%	$106K	$14K	10x	as long as short