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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 ~3.2d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+23.39%
3d Period Avg+17.10%
swing±11.27%
LONG Hyperliquid · now
−7.72%
3d avg:+2.94%
SHORT Backpack · nowBNB_USDC_PERP
+15.67%
3d avg:+20.04%
Entry Spread Now
+0.014%
In your favorL ask 716.4700 · S bid 716.5700+$1.40 at entry
24h range −0.08%…+0.19% · median +0.01%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$6.96
−0.07%
$Avg Daily PnL
+$4.60
+0.0460%
★Best Day
+$6.30
Oct 16
◎Open Interest
Hyperliquid$45.08M
Backpack$2.13M⚡Funding APR
+16.79%
annualized · funding only
⚠Execution Cost
−$20.76
entry + exit fees
⏱Payback
4.5d
to break even
◧24h Volume
Hyperliquid$4.35MBackpack$151.3KLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + live L2 orderbook slippage on both legs (−$20.76 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.