Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1197%/8h= +131.1% APRpaid last 24h +0.051%

Price spread now: Backpack against SunX−0.294%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 6 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

Funding pays, the price is against you. Backpack is 0.294% cheaper against SunX than usual: you would sell low and buy high (spread −0.294% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$29 on $10k: about 20 hours of funding at the current rate (+$36 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BILL-USDT	0.01362	0.0100	pay 0.0050% / 4h	24m 28s	$2K	$1.4M	20x
Short	Backpack BILL_USDC_PERP	0.01358	0.1297	get 0.0162% / 1h	24m 28s	$21K	$887	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −0.294%Rate

Funding earned: $251.46
Price spread: −0.294% → 0.000%: −$29.37
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $204.09
Costs to cover: 0.180%
Break-even: 1.3 days

Slippage unknown: SunX: live order book, 10 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 SunX live order book, 10 min ago	36.58 bp	148.4 bp −$148	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 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	+0.0087%	4h	0.01358	−0.294%	$146K	$17K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01360	−0.132%	$3K	$6K	5x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01357	−0.367%	$1.3M	$1.1M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01358	−0.294%	$299K	$136K	20x	as long as short
SunX BILL-USDTlong	+0.0100%	4h	0.01362	long leg	$2K	$1.4M	20x
HTX BILL-USDT	+0.0100%	4h	0.01358	−0.294%	$11K	$40K	20x	as long as short
Extended BILL-USD	+0.0224%	1h	0.01359	−0.224%	$3K	$276K	5x	as long as short
MEXC BILL_USDT	+0.0226%	4h	0.01359	−0.220%	$1.0M	$343K	50x	as long as short
Binance BILLUSDT	+0.0227%	4h	0.01359	−0.190%	$2.5M	$4.5M	20x	as long as short
Bitget BILLUSDT	+0.0270%	4h	0.01359	−0.220%	$655K	$1.5M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BILL-USDT-SWAP	+0.0576%	4h	0.01359	−0.220%	$1.1M	$3.1M	20x	as long as short
BingX BILL-USDT	+0.0576%	4h	0.01361	−0.073%	—	$1.7M	—	as long as short
KuCoin BILLUSDTM	+0.0762%	4h	0.01358	−0.272%	$443K	$356K	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0824%	1h	0.01359	−0.206%	$37K	$100K	50x	as long as short
Backpack BILL_USDC_PERPshort	+0.1297%	1h	0.01358	−0.294%	$21K	$887	5x
Deribit BILL_USDC-PERPETUAL	+0.2187%	1h	0.01357	−0.345%	$147K	$53K	10x	as long as short