Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Gate against OKX−0.289%7-day average −0.137% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,126as in the Price arb table

costs, in and out, $10k−$1,11111.111% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.335%−$34 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.289%, 7d avg −0.137%

Together, before fees−0.292%−$29 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.152% cheaper against OKX than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.137%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BILL-USDT-SWAP	0.01382	0.0100	pay 0.0050% / 4h	2h 07m	$1.0M	$2.7M	20x
Short	Gate BILL_USDT	0.01378	0.0100	get 0.0050% / 4h	2h 07m	$280K	$83K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.289%Rate

Funding earned: $0
Price spread: −0.289% → −0.137%: −$15.21
Slippage, 4 orders: −$1,086.12
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,126.33
Costs to cover: 11.111%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Gate: live order book, 54 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, 4 min ago	7.25 bp	28.4 bp −$28	372.4 bp −$3,724	doesn't fit	doesn't fit
Sell Gate live order book, 54 min ago	10.89 bp	520.8 bp −$521	doesn't fit	doesn't fit	doesn't fit

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	0.01379	−0.217%	$1.3M	$959K	20x	as long as short
OKX BILL-USDT-SWAPlong	+0.0100%	4h	0.01382	long leg	$1.0M	$2.7M	20x
Gate BILL_USDTshort	+0.0100%	4h	0.01378	−0.289%	$280K	$83K	20x
Bitget BILLUSDT	+0.0100%	4h	0.01379	−0.217%	$636K	$1.0M	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01381	−0.072%	$1K	$1.1M	20x	as long as short
Aster BILLUSDT	+0.0121%	4h	0.01379	−0.191%	$2K	$4K	5x	as long as short
Backpack BILL_USDC_PERP	+0.0302%	1h	0.01378	−0.289%	$21K	$939	5x	as long as short
BingX BILL-USDT	+0.0316%	4h	0.01381	−0.072%	—	$1.7M	—	as long as short
Extended BILL-USD	+0.0336%	1h	0.01380	−0.116%	$1K	$225K	5x	as long as short
MEXC BILL_USDT	+0.0338%	4h	0.01379	−0.217%	$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	+0.0340%	4h	0.01381	−0.098%	$2.5M	$3.8M	20x	as long as short
HTX BILL-USDT	+0.0540%	4h	0.01378	−0.289%	$13K	$18K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0632%	1h	0.01375	−0.507%	$46K	$51K	50x	as long as short
KuCoin BILLUSDTM	+0.1428%	4h	0.01379	−0.195%	$449K	$298K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2218%	1h	0.01381	−0.080%	$108K	$14K	10x	as long as short