Funding arb · Price arb /

BERA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0829%/8h= −90.7% APRpaid last 24h −0.017%

Price spread now: Binance against Backpack−0.037%55s7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.558% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.184%+$18 · spread now −0.037%, 7d avg −0.008%

Together, before fees+0.205%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Binance is 0.029% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BERA_USDC_PERP	0.2281	0.0929	pay 0.0116% / 1h	41m 12s	$37K	$150K	5x
Short	Binance BERAUSDT	0.2280	0.0100	get 0.0050% / 4h	1h 41m	$5.5M	$13.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.037%Rate

Funding earned: −$174.04
Price spread: −0.037% → −0.008%: −$2.9
Slippage, 4 orders: −$35.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$232.78
Costs to cover: 0.558%
Break-even: never at this rate

Slippage from Backpack: live order book, 42 min ago; Binance: live order book, 14 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 Backpack live order book, 42 min ago	0.22 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	2.20 bp	21.4 bp −$21	67.0 bp −$670	doesn't fit	doesn't fit

BERA on 24 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
Injective BERA/USDC PERP	−0.5000%	1h	0.2142	−6.073%	$2K	$4K	12x	as long as short
Coinbase International BERA-PERP-INTX	−0.0320%	1h	0.2259	−0.943%	$10K	$45K	50x	as long as short
Kraken Futures PF_BERAUSD	0.0000%	1h	0.2277	−0.133%	$51K	$26K	20x	as long as short
BloFin BERA-USDT	+0.0072%	4h	0.2277	−0.153%	$289K	$88K	75x	as long as short
Lighter BERA	+0.0096%	1h	0.2278	−0.110%	$63K	$89K	5x	as long as short
Aster BERAUSDT	+0.0100%	4h	0.2278	−0.090%	$13K	$27K	5x	as long as short
Binance BERAUSDTshort	+0.0100%	4h	0.2280	−0.037%	$5.5M	$13.6M	50x
Bybit BERAUSDT	+0.0100%	4h	0.2275	−0.241%	$3.1M	$4.1M	25x	as long as short
OKX BERA-USDT-SWAP	+0.0100%	4h	0.2276	−0.197%	$1.5M	$3.2M	20x	as long as short
Gate BERA_USDT	+0.0100%	4h	0.2276	−0.197%	$336K	$391K	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BERA_USDT	+0.0100%	4h	0.2279	−0.066%	$1.2M	$431K	20x	as long as short
KuCoin BERAUSDTM	+0.0100%	4h	0.2275	−0.241%	$549K	$218K	50x	as long as short
Bitget BERAUSDT	+0.0100%	4h	0.2278	−0.110%	$1.5M	$1.1M	50x	as long as short
BingX BERA-USDT	+0.0100%	4h	0.2276	−0.197%	—	$6.6M	—	as long as short
Variational Omni BERA	+0.0100%	4h	0.2267	−0.579%	$83K	$49K	—	as long as short
GRVT BERA_USDT_Perp	+0.0100%	4h	0.2274	−0.294%	$105K	$2.8M	10x	as long as short
ApeX Omni BERAUSDT	+0.0100%	1h	0.2270	−0.460%	$32K	$453K	50x	as long as short
Orderly PERP_BERA_USDC	+0.0100%	4h	0.2278	−0.110%	$9K	$1K	10x	as long as short
SoDEX BERA-USD	+0.0100%	1h	0.2277	−0.136%	$373	$6K	5x	as long as short
01 Exchange BERAUSD	+0.0176%	1h	0.2279	−0.066%	$4K	$2K	5x	as long as short
Deribit BERA_USDC-PERPETUAL	+0.0189%	1h	0.2279	−0.066%	$4K	$62K	25x	as long as short
GMX BERA/USD [ETH-USDC]	L +0.0206% / S −0.0592%	1h	0.2278	−0.103%	$2K	—	100x	as long as short
Hyperliquid BERA	+0.0734%	1h	0.2284	+0.136%	$2.9M	$962K	5x	as long as short
Backpack BERA_USDC_PERPlong	+0.0929%	1h	0.2281	long leg	$37K	$150K	5x