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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 ~14d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+5.09%
3d Period Avg+1.61%
swing±2.85%
LONG Hyperliquid · now
+5.87%
3d avg:+9.35%
SHORT Backpack · nowBTC_USDC_PERP
+10.96%
3d avg:+10.96%
Entry Spread Now
−0.088%
Eaten by executionL 81,377 · S 81,305.6−$8.77 if it converges
24h range −0.14%…−0.05% · median −0.10%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$17.83
−0.18%
$Avg Daily PnL
+$0.43
+0.0043%
★Best Day
+$0.86
Oct 15
◎Open Interest
Hyperliquid$3.37B
Backpack$44.00M⚡Funding APR
+1.57%
annualized · funding only
⚠Execution Cost
−$19.12
entry + exit fees
⏱Payback
1.5mo
to break even
◧24h Volume
Hyperliquid$762.40MBackpack$33.94MLoading 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 (−$19.12 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.