Binary code similarity detection (BCSD) is a fundamental technique for various application. Many BCSD solutions have been proposed recently, which mostly are embedding-based, but have shown limited accuracy and efficiency especially when the volume of target binaries to search is large. To address this issue, we propose a cost-effective BCSD framework, CEBin, which fuses embedding-based and comparison-based approaches to significantly improve accuracy while minimizing overheads. Specifically, CEBin utilizes a refined embedding-based approach to extract features of target code, which efficiently narrows down the scope of candidate similar code and boosts performance. Then, it utilizes a comparison-based approach that performs a pairwise comparison on the candidates to capture more nuanced and complex relationships, which greatly improves the accuracy of similarity detection. By bridging the gap between embedding-based and comparison-based approaches, CEBin is able to provide an effective and efficient solution for detecting similar code (including vulnerable ones) in large-scale software ecosystems. Experimental results on three well-known datasets demonstrate the superiority of CEBin over existing state-of-the-art (SOTA) baselines. To further evaluate the usefulness of BCSD in real world, we construct a large-scale benchmark of vulnerability, offering the first precise evaluation scheme to assess BCSD methods for the 1-day vulnerability detection task. CEBin could identify the similar function from millions of candidate functions in just a few seconds and achieves an impressive recall rate of $85.46\%$ on this more practical but challenging task, which are several order of magnitudes faster and $4.07\times$ better than the best SOTA baseline. Our code is available at https://github.com/Hustcw/CEBin.