Funding arb · Price arb /

BERA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0565%/8h= −61.9% APRpaid last 24h −0.029%

Price spread now: BingX against Backpack−0.083%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$590.590% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now −0.083%, 7d avg −0.065%

Together, before fees+0.077%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.065%, so right now this pair is about funding alone: −$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.006% in total (about 0.3% 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	0.2279	0.0665	pay 0.0083% / 1h	16m 04s	$37K	$148K	5x
Short	BingX BERA-USDT	0.2277	0.0100	get 0.0050% / 4h	16m 04s	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$118.67
Price spread: −0.083% → −0.065%: −$1.88
Slippage, 4 orders: −$39
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$179.55
Costs to cover: 0.590%
Break-even: never at this rate

Slippage from Backpack: live order book, 62 min ago; BingX: live order book, 6 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, 62 min ago	0.22 bp	10.5 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	6.59 bp	19.3 bp −$19	53.4 bp −$534	492.4 bp −$49.2K	827.5 bp −$413.8K

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	−6.007%	$2K	$5K	12x	as long as short
Kraken Futures PF_BERAUSD	−0.0420%	1h	0.2278	−0.050%	$51K	$24K	20x	as long as short
Coinbase International BERA-PERP-INTX	−0.0296%	1h	0.2272	−0.303%	$10K	$44K	50x	as long as short
Deribit BERA_USDC-PERPETUAL	0.0000%	1h	0.2278	−0.039%	$4K	$61K	25x	as long as short
Variational Omni BERA	+0.0006%	4h	0.2277	−0.076%	$84K	$49K	—	as long as short
BloFin BERA-USDT	+0.0061%	4h	0.2277	−0.083%	$292K	$84K	75x	as long as short
Bybit BERAUSDT	+0.0094%	4h	0.2276	−0.127%	$3.1M	$4.1M	25x	as long as short
Lighter BERA	+0.0096%	1h	0.2278	−0.048%	$62K	$90K	5x	as long as short
Aster BERAUSDT	+0.0100%	4h	0.2279	+0.024%	$13K	$27K	5x	as long as short
Binance BERAUSDT	+0.0100%	4h	0.2277	−0.102%	$5.5M	$13.5M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BERA-USDT-SWAP	+0.0100%	4h	0.2275	−0.171%	$1.5M	$3.2M	20x	as long as short
Gate BERA_USDT	+0.0100%	4h	0.2278	−0.039%	$337K	$390K	50x	as long as short
MEXC BERA_USDT	+0.0100%	4h	0.2278	−0.039%	$1.3M	$435K	20x	as long as short
KuCoin BERAUSDTM	+0.0100%	4h	0.2277	−0.083%	$545K	$227K	50x	as long as short
Bitget BERAUSDT	+0.0100%	4h	0.2279	+0.004%	$1.5M	$1.1M	50x	as long as short
BingX BERA-USDTshort	+0.0100%	4h	0.2277	−0.083%	—	$6.6M	—
GRVT BERA_USDT_Perp	+0.0100%	4h	0.2279	−0.013%	$114K	$2.8M	10x	as long as short
ApeX Omni BERAUSDT	+0.0100%	1h	0.2280	+0.048%	$37K	$461K	50x	as long as short
Orderly PERP_BERA_USDC	+0.0100%	4h	0.2277	−0.083%	$9K	$1K	10x	as long as short
SoDEX BERA-USD	+0.0100%	1h	0.2277	−0.088%	$367	$6K	5x	as long as short
01 Exchange BERAUSD	+0.0168%	1h	0.2279	+0.004%	$4K	$2K	5x	as long as short
GMX BERA/USD [ETH-USDC]	L +0.0206% / S −0.0592%	1h	0.2278	−0.047%	$2K	—	100x	as long as short
Hyperliquid BERA	+0.0349%	1h	0.2280	+0.057%	$2.9M	$954K	5x	as long as short
Backpack BERA_USDC_PERPlong	+0.0665%	1h	0.2279	long leg	$37K	$148K	5x