Funding arb · Price arb /

BERA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0571%/8h= +62.5% APRpaid last 24h +0.072%

Price spread now: Backpack against Bybit+0.230%7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$760.764% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 4 days (all we have)−0.618%−$62 · spread now +0.230%, 7d avg +0.108%

Together, before fees−0.532%−$53 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.122% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.108%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.086% in total (about 4.5% 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	Bybit BERAUSDT	0.2301	0.0100	pay 0.0050% / 4h	55m 55s	$3.1M	$4.1M	25x
Short	Backpack BERA_USDC_PERP	0.2306	0.0671	get 0.0084% / 1h	55m 55s	$29K	$161K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.230%Rate

Funding earned: $119.86
Price spread: +0.230% → +0.108%: $12.22
Slippage, 4 orders: −$55.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $55.64
Costs to cover: 0.764%
Break-even: 3.8 days

Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 2 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 Bybit live order book, 2 min ago	4.36 bp	32.5 bp −$32	177.0 bp −$1,770	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.22 bp	9.9 bp −$10	doesn't fit	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	0.2158	−6.215%	$2K	$3K	12x	as long as short
Kraken Futures PF_BERAUSD	−0.0489%	1h	0.2299	−0.097%	$51K	$25K	20x	as long as short
Coinbase International BERA-PERP-INTX	−0.0328%	1h	0.2281	−0.869%	$15K	$53K	50x	as long as short
Lighter BERA	+0.0096%	1h	0.2304	+0.152%	$62K	$81K	5x	as long as short
Orderly PERP_BERA_USDC	+0.0099%	4h	0.2304	+0.130%	$9K	$987	10x	as long as short
Aster BERAUSDT	+0.0100%	4h	0.2299	−0.078%	$15K	$27K	5x	as long as short
Binance BERAUSDT	+0.0100%	4h	0.2304	+0.148%	$5.4M	$14.2M	50x	as long as short
Bybit BERAUSDTlong	+0.0100%	4h	0.2301	long leg	$3.1M	$4.1M	25x
OKX BERA-USDT-SWAP	+0.0100%	4h	0.2303	+0.087%	$1.5M	$3.2M	20x	as long as short
Gate BERA_USDT	+0.0100%	4h	0.2298	−0.130%	$346K	$350K	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	0.2305	+0.174%	$1.2M	$396K	20x	as long as short
KuCoin BERAUSDTM	+0.0100%	4h	0.2300	−0.043%	$554K	$230K	50x	as long as short
Bitget BERAUSDT	+0.0100%	4h	0.2300	−0.043%	$1.5M	$1.0M	50x	as long as short
BingX BERA-USDT	+0.0100%	4h	0.2301	0.000%	—	$6.6M	—	as long as short
Variational Omni BERA	+0.0100%	4h	0.2301	−0.016%	$84K	$49K	—	as long as short
ApeX Omni BERAUSDT	+0.0100%	1h	0.2290	−0.478%	$32K	$461K	50x	as long as short
SoDEX BERA-USD	+0.0100%	1h	0.2303	+0.109%	$374	$6K	5x	as long as short
BloFin BERA-USDT	+0.0128%	4h	0.2288	−0.565%	$281K	$73K	75x	as long as short
GMX BERA/USD [ETH-USDC]	L +0.0206% / S −0.0592%	1h	0.2304	+0.134%	$2K	—	100x	as long as short
01 Exchange BERAUSD	+0.0256%	1h	0.2304	+0.130%	$3K	$3K	5x	as long as short
GRVT BERA_USDT_Perp	+0.0352%	4h	0.2295	−0.261%	$107K	$3.2M	10x	as long as short
Hyperliquid BERA	+0.0377%	1h	0.2310	+0.387%	$2.9M	$922K	5x	as long as short
Deribit BERA_USDC-PERPETUAL	+0.0618%	1h	0.2306	+0.217%	$2K	$55K	25x	as long as short
Backpack BERA_USDC_PERPshort	+0.0671%	1h	0.2306	+0.230%	$29K	$161K	5x