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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 ~8.1d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+8.52%
30d Period Avg+0.05%
swing±20.00%
LONG Backpack · nowkSHIB_USDC_PERP
+2.44%
30d avg:+13.52%
SHORT Hyperliquid · nowkSHIB
+10.96%
30d avg:+13.57%
Entry Spread Now
+0.178%
In your favorL 0.005628 · S 0.005638+$17.77 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%
Limited funding history — chart clipped to available data
- Hyperliquid (Short): data starts Sep 7, 2026 (17d available out of 30d requested)
KPIs (Total PnL, APR, Win Rate) calculated only over the available data range.
Loading Funding History…
↗Total PnL
−$51.46
−0.51%
$Avg Daily PnL
−$1.08
−0.0108%
★Best Day
+$7.63
Sep 23
◎Open Interest
Backpack$24.0K
Hyperliquid$3.69M⚡Funding APR
−3.95%
annualized · funding only
⚠Execution Cost
−$19.00
entry + exit fees
⏱Payback
never
to break even
◧24h Volume
Backpack$5.4KHyperliquid$1.59MLoading 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.