Funding arb · Price arb /

BERA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0801%/8h= +87.7% APRpaid last 24h +0.032%

Price spread now: Backpack against OKX+0.229%7-day average +0.126% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$780.778% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 4 days (all we have)−0.368%−$37 · spread now +0.229%, 7d avg +0.126%

Together, before fees−0.306%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Backpack is 0.104% dearer against OKX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.126%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.062% in total (about 3.2% 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	OKX BERA-USDT-SWAP	0.2268	0.0100	pay 0.0050% / 4h	2h 13m	$1.5M	$3.2M	20x
Short	Backpack BERA_USDC_PERP	0.2273	0.0901	get 0.0113% / 1h	13m 26s	$38K	$149K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.229%Rate

Funding earned: $168.24
Price spread: +0.229% → +0.126%: $10.36
Slippage, 4 orders: −$57.78
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $100.82
Costs to cover: 0.778%
Break-even: 2.8 days

Slippage from OKX: live order book, 4 min ago; Backpack: live order book, 10 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 OKX live order book, 4 min ago	4.40 bp	24.5 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 10 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	0.2139	−5.688%	$2K	$4K	12x	as long as short
Kraken Futures PF_BERAUSD	−0.0564%	1h	0.2272	+0.197%	$51K	$26K	20x	as long as short
Coinbase International BERA-PERP-INTX	−0.0304%	1h	0.2259	−0.397%	$10K	$45K	50x	as long as short
Deribit BERA_USDC-PERPETUAL	0.0000%	1h	0.2273	+0.220%	$4K	$62K	25x	as long as short
01 Exchange BERAUSD	+0.0048%	1h	0.2271	+0.132%	$4K	$2K	5x	as long as short
Lighter BERA	+0.0096%	1h	0.2271	+0.141%	$63K	$93K	5x	as long as short
Aster BERAUSDT	+0.0100%	4h	0.2273	+0.215%	$13K	$28K	5x	as long as short
Binance BERAUSDT	+0.0100%	4h	0.2271	+0.150%	$5.5M	$13.6M	50x	as long as short
Bybit BERAUSDT	+0.0100%	4h	0.2267	−0.044%	$3.1M	$4.2M	25x	as long as short
OKX BERA-USDT-SWAPlong	+0.0100%	4h	0.2268	long leg	$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	0.2272	+0.176%	$336K	$390K	50x	as long as short
MEXC BERA_USDT	+0.0100%	4h	0.2271	+0.132%	$1.2M	$436K	20x	as long as short
KuCoin BERAUSDTM	+0.0100%	4h	0.2269	+0.044%	$550K	$220K	50x	as long as short
Bitget BERAUSDT	+0.0100%	4h	0.2272	+0.176%	$1.5M	$1.1M	50x	as long as short
BingX BERA-USDT	+0.0100%	4h	0.2269	+0.044%	—	$6.6M	—	as long as short
Variational Omni BERA	+0.0100%	4h	0.2271	+0.128%	$84K	$49K	—	as long as short
GRVT BERA_USDT_Perp	+0.0100%	4h	0.2279	+0.486%	$106K	$2.8M	10x	as long as short
ApeX Omni BERAUSDT	+0.0100%	1h	0.2270	+0.088%	$33K	$454K	50x	as long as short
Orderly PERP_BERA_USDC	+0.0100%	4h	0.2271	+0.132%	$9K	$1K	10x	as long as short
SoDEX BERA-USD	+0.0100%	1h	0.2272	+0.176%	$372	$6K	5x	as long as short
BloFin BERA-USDT	+0.0102%	4h	0.2272	+0.176%	$290K	$88K	75x	as long as short
GMX BERA/USD [ETH-USDC]	L +0.0206% / S −0.0592%	1h	0.2272	+0.166%	$2K	—	100x	as long as short
Hyperliquid BERA	+0.0842%	1h	0.2276	+0.366%	$2.9M	$966K	5x	as long as short
Backpack BERA_USDC_PERPshort	+0.0901%	1h	0.2273	+0.229%	$38K	$149K	5x