Funding arb · Price arb /

BERA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0332%/8h= −36.3% APRpaid last 24h −0.081%

Price spread now: Bybit against Backpack−0.152%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$820.822% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$10 on $10k

Price spread, last 4 days (all we have)+0.316%+$32 · spread now −0.152%, 7d avg −0.109%

Together, before fees+0.221%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bybit is 0.043% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.109%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.095% in total (about -5.0% 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	0.2296	0.0432	pay 0.0054% / 1h	32m 27s	$28K	$161K	5x
Short	Bybit BERAUSDT	0.2293	0.0100	get 0.0050% / 4h	32m 27s	$3.1M	$4.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$69.66
Price spread: −0.152% → −0.109%: −$4.32
Slippage, 4 orders: −$61.18
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$156.16
Costs to cover: 0.822%
Break-even: never at this rate

Slippage from Backpack: live order book, 26 min ago; Bybit: live order book, just now.

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, 26 min ago	0.22 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, just now	2.18 bp	30.8 bp −$31	78.9 bp −$789	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	0.2150	−6.379%	$2K	$3K	12x	as long as short
Kraken Futures PF_BERAUSD	−0.0490%	1h	0.2294	−0.099%	$51K	$25K	20x	as long as short
Coinbase International BERA-PERP-INTX	−0.0328%	1h	0.2280	−0.718%	$15K	$53K	50x	as long as short
Lighter BERA	+0.0096%	1h	0.2297	+0.017%	$62K	$81K	5x	as long as short
Aster BERAUSDT	+0.0100%	4h	0.2293	−0.152%	$15K	$27K	5x	as long as short
Binance BERAUSDT	+0.0100%	4h	0.2298	+0.057%	$5.4M	$14.2M	50x	as long as short
Bybit BERAUSDTshort	+0.0100%	4h	0.2293	−0.152%	$3.1M	$4.1M	25x
OKX BERA-USDT-SWAP	+0.0100%	4h	0.2295	−0.065%	$1.4M	$3.2M	20x	as long as short
Gate BERA_USDT	+0.0100%	4h	0.2289	−0.327%	$352K	$356K	50x	as long as short
MEXC BERA_USDT	+0.0100%	4h	0.2296	−0.022%	$1.2M	$399K	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BERAUSDTM	+0.0100%	4h	0.2291	−0.239%	$552K	$230K	50x	as long as short
Bitget BERAUSDT	+0.0100%	4h	0.2292	−0.196%	$1.4M	$1.1M	50x	as long as short
BingX BERA-USDT	+0.0100%	4h	0.2290	−0.283%	—	$6.6M	—	as long as short
Variational Omni BERA	+0.0100%	4h	0.2282	−0.627%	$83K	$49K	—	as long as short
ApeX Omni BERAUSDT	+0.0100%	1h	0.2290	−0.283%	$34K	$443K	50x	as long as short
Orderly PERP_BERA_USDC	+0.0100%	4h	0.2295	−0.065%	$9K	$987	10x	as long as short
SoDEX BERA-USD	+0.0100%	1h	0.2295	−0.070%	$375	$6K	5x	as long as short
BloFin BERA-USDT	+0.0151%	4h	0.2291	−0.239%	$281K	$76K	75x	as long as short
GMX BERA/USD [ETH-USDC]	L +0.0206% / S −0.0592%	1h	0.2293	−0.158%	$2K	—	100x	as long as short
01 Exchange BERAUSD	+0.0264%	1h	0.2298	+0.065%	$3K	$3K	5x	as long as short
GRVT BERA_USDT_Perp	+0.0370%	4h	0.2292	−0.196%	$113K	$3.2M	10x	as long as short
Backpack BERA_USDC_PERPlong	+0.0432%	1h	0.2296	long leg	$28K	$161K	5x
Hyperliquid BERA	+0.0451%	1h	0.2301	+0.192%	$2.9M	$925K	5x	as long as short
Deribit BERA_USDC-PERPETUAL	+0.0622%	1h	0.2296	−0.022%	$1K	$57K	25x	as long as short