Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1965%/8h= +215.2% APRpaid last 24h +0.615%

Price spread now: Deribit against SunX−0.108%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$305as in the Price arb table

costs, in and out, $10k−$3013.014% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+1.969%+$197 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.108%, 7d avg −0.076%

Together, before fees+1.952%+$195 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.032% cheaper against SunX than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.076%). If the spread goes back, that is −$3 on $10k: about 1 hour of funding at the current rate (+$59 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BILL-USDT	0.01387	0.0100	pay 0.0050% / 4h	3h 32m	$2K	$1.2M	20x
Short	Deribit BILL_USDC-PERPETUAL	0.01385	0.2065	get 0.0258% / 1h	32m 15s	$108K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now −0.108%Rate

Funding earned: $412.65
Price spread: −0.108% → −0.076%: −$3.19
Slippage, 4 orders: −$286.44
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $108.02
Costs to cover: 3.014%
Break-even: 5.2 days

Slippage from SunX: live order book, 1 min ago; Deribit: live order book, 21 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 SunX live order book, 1 min ago	36.02 bp	112.0 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 21 min ago	10.08 bp	13.6 bp −$14	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	0.01381	−0.433%	$147K	$19K	20x	as long as short
Bybit BILLUSDT	+0.0100%	4h	0.01383	−0.288%	$1.3M	$1.0M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01384	−0.216%	$280K	$88K	20x	as long as short
SunX BILL-USDTlong	+0.0100%	4h	0.01387	long leg	$2K	$1.2M	20x
HTX BILL-USDT	+0.0100%	4h	0.01382	−0.360%	$11K	$39K	20x	as long as short
Aster BILLUSDT	+0.0150%	4h	0.01383	−0.318%	$1K	$4K	5x	as long as short
Bitget BILLUSDT	+0.0252%	4h	0.01384	−0.216%	$656K	$1.2M	20x	as long as short
MEXC BILL_USDT	+0.0310%	4h	0.01385	−0.144%	$1.0M	$360K	50x	as long as short
Binance BILLUSDT	+0.0310%	4h	0.01386	−0.103%	$2.5M	$3.9M	20x	as long as short
Extended BILL-USD	+0.0312%	1h	0.01385	−0.128%	$3K	$227K	5x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack BILL_USDC_PERP	+0.0323%	1h	0.01382	−0.360%	$21K	$947	5x	as long as short
BingX BILL-USDT	+0.0416%	4h	0.01384	−0.216%	—	$1.7M	—	as long as short
OKX BILL-USDT-SWAP	+0.0505%	4h	0.01386	−0.072%	$1.1M	$2.8M	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0760%	1h	0.01386	−0.050%	$65K	$73K	50x	as long as short
KuCoin BILLUSDTM	+0.1158%	4h	0.01386	−0.079%	$456K	$330K	20x	as long as short
Deribit BILL_USDC-PERPETUALshort	+0.2065%	1h	0.01385	−0.108%	$108K	$13K	10x