Funding arb · Price arb /

BERA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0514%/8h= −56.3% APRpaid last 24h −0.058%

Price spread now: OKX against Backpack−0.184%46s7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as 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−$750.747% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 4 days (all we have)+0.191%+$19 · spread now −0.184%, 7d avg −0.131%

Together, before fees+0.095%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and OKX is 0.053% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.131%). Swap the legs. The two prices were read 46 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 -0.096% 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	0.2287	0.0614	pay 0.0077% / 1h	19m 27s	$37K	$150K	5x
Short	OKX BERA-USDT-SWAP	0.2283	0.0100	get 0.0050% / 4h	3h 19m	$1.5M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.184%Rate

Funding earned: −$107.91
Price spread: −0.184% → −0.131%: −$5.28
Slippage, 4 orders: −$54.68
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$187.87
Costs to cover: 0.747%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; OKX: live order book, 3 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, 54 min ago	0.88 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.19 bp	26.1 bp −$26	204.6 bp −$2,046	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	0.2148	−6.086%	$2K	$5K	12x	as long as short
Kraken Futures PF_BERAUSD	−0.0527%	1h	0.2283	−0.175%	$51K	$25K	20x	as long as short
Coinbase International BERA-PERP-INTX	−0.0328%	1h	0.2281	−0.271%	$10K	$45K	50x	as long as short
Variational Omni BERA	−0.0170%	4h	0.2282	−0.244%	$84K	$49K	—	as long as short
BloFin BERA-USDT	+0.0050%	4h	0.2285	−0.096%	$290K	$90K	75x	as long as short
Lighter BERA	+0.0096%	1h	0.2286	−0.044%	$62K	$90K	5x	as long as short
Aster BERAUSDT	+0.0100%	4h	0.2286	−0.033%	$13K	$24K	5x	as long as short
Binance BERAUSDT	+0.0100%	4h	0.2285	−0.077%	$5.6M	$13.5M	50x	as long as short
Bybit BERAUSDT	+0.0100%	4h	0.2282	−0.227%	$3.1M	$4.1M	25x	as long as short
OKX BERA-USDT-SWAPshort	+0.0100%	4h	0.2283	−0.184%	$1.5M	$3.2M	20x

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BERA_USDT	+0.0100%	4h	0.2285	−0.096%	$339K	$376K	50x	as long as short
MEXC BERA_USDT	+0.0100%	4h	0.2285	−0.096%	$1.3M	$438K	20x	as long as short
KuCoin BERAUSDTM	+0.0100%	4h	0.2284	−0.140%	$543K	$228K	50x	as long as short
Bitget BERAUSDT	+0.0100%	4h	0.2285	−0.096%	$1.4M	$1.1M	50x	as long as short
BingX BERA-USDT	+0.0100%	4h	0.2284	−0.140%	—	$6.6M	—	as long as short
ApeX Omni BERAUSDT	+0.0100%	1h	0.2290	+0.122%	$32K	$456K	50x	as long as short
Orderly PERP_BERA_USDC	+0.0100%	4h	0.2285	−0.096%	$9K	$1K	10x	as long as short
SoDEX BERA-USD	+0.0100%	1h	0.2286	−0.074%	$372	$6K	5x	as long as short
Hyperliquid BERA	+0.0180%	1h	0.2291	+0.153%	$2.9M	$908K	5x	as long as short
01 Exchange BERAUSD	+0.0184%	1h	0.2287	−0.009%	$4K	$2K	5x	as long as short
GRVT BERA_USDT_Perp	+0.0186%	4h	0.2287	−0.010%	$118K	$2.9M	10x	as long as short
Deribit BERA_USDC-PERPETUAL	+0.0188%	1h	0.2286	−0.052%	$4K	$56K	25x	as long as short
GMX BERA/USD [ETH-USDC]	L +0.0206% / S −0.0592%	1h	0.2285	−0.095%	$2K	—	100x	as long as short
Backpack BERA_USDC_PERPlong	+0.0614%	1h	0.2287	long leg	$37K	$150K	5x