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updated —Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~3.1d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+22.48%
3d Period Avg+24.07%
swing±22.84%
LONG Backpack · nowkSHIB_USDC_PERP
−11.52%
3d avg:+9.93%
SHORT Hyperliquid · nowkSHIB
+10.96%
3d avg:+34.00%
Entry Spread Now
+0.036%
Eaten by executionL 0.005607 · S 0.005609+$3.57 if it converges
24h range −0.46%…+1.18% · median +0.08%
Long pays every1hShort pays every1h
LONGmaker0.020%/taker0.050%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$0.77
+0.01%
$Avg Daily PnL
+$4.94
+0.0494%
★Best Day
+$7.63
Sep 23
◎Open Interest
Backpack$23.9K
Hyperliquid$3.65M⚡Funding APR
+18.04%
annualized · funding only
⚠Execution Cost
−$19.00
entry + exit fees
⏱Payback
3.8d
to break even
◧24h Volume
Backpack$5.4KHyperliquid$1.62MLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + fees only (orderbook snapshot stale) on both legs (−$19.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.