Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1675%/8h= +183.4% APRpaid last 24h +0.621%

Price spread now: Deribit against OKX+0.181%7-day average +0.029% · 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−$62as in the Price arb table

costs, in and out, $10k−$770.769% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+1.545%+$155 on $10k

Price spread, last 3 days (all we have)−0.221%−$22 · spread now +0.181%, 7d avg +0.029%

Together, before fees+1.324%+$132 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$50 a day on $10k at the current rate, and Deribit is 0.152% dearer against OKX than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BILL-USDT-SWAP	0.01383	0.0100	pay 0.0050% / 4h	3h 38m	$1.0M	$2.5M	20x
Short	Deribit BILL_USDC-PERPETUAL	0.01385	0.1775	get 0.0222% / 1h	38m 55s	$108K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.181%Rate

Funding earned: $351.75
Price spread: +0.181% → +0.029%: $15.17
Slippage, 4 orders: −$59.93
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $290
Costs to cover: 0.769%
Break-even: 1.2 days

Slippage from OKX: live order book, 3 min ago; Deribit: live order book, 34 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 OKX live order book, 3 min ago	3.61 bp	22.9 bp −$23	235.4 bp −$2,354	doesn't fit	doesn't fit
Sell Deribit live order book, 34 min ago	11.23 bp	14.7 bp −$15	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	+0.0044%	4h	0.01387	+0.289%	$145K	$19K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01383	+0.032%	$2K	$4K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01381	−0.145%	$1.3M	$939K	20x	as long as short
OKX BILL-USDT-SWAPlong	+0.0100%	4h	0.01383	long leg	$1.0M	$2.5M	20x
Gate BILL_USDT	+0.0100%	4h	0.01385	+0.145%	$280K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01384	+0.072%	$632K	$850K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01385	+0.145%	$2K	$1.1M	20x	as long as short
Backpack BILL_USDC_PERP	+0.0103%	1h	0.01383	0.000%	$21K	$926	5x	as long as short
Extended BILL-USD	+0.0312%	1h	0.01384	+0.078%	$1K	$266K	5x	as long as short
Binance BILLUSDT	+0.0312%	4h	0.01384	+0.072%	$2.5M	$3.6M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BILL_USDT	+0.0316%	4h	0.01384	+0.072%	$988K	$322K	50x	as long as short
BingX BILL-USDT	+0.0318%	4h	0.01384	+0.072%	—	$1.7M	—	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01386	+0.210%	$47K	$100K	50x	as long as short
HTX BILL-USDT	+0.0827%	4h	0.01390	+0.506%	$17K	$8K	20x	as long as short
KuCoin BILLUSDTM	+0.0956%	4h	0.01385	+0.123%	$445K	$281K	20x	as long as short
Deribit BILL_USDC-PERPETUALshort	+0.1775%	1h	0.01385	+0.181%	$108K	$14K	10x