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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
+4.21%
3d Period Avg+12.98%
swing±5.40%
LONG Hyperliquid · now
+10.96%
3d avg:+7.91%
SHORT Phoenix · now
+15.17%
3d avg:+20.89%
Entry Spread Now
+0.142%
In your favorL 82,521 · S 82,638+$14.18 if it converges
24h range −0.59%…+0.89% · median +0.07%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.005%/taker0.035%
Loading Funding History…
↗Total PnL
−$5.70
−0.06%
$Avg Daily PnL
+$3.58
+0.0358%
★Best Day
+$4.58
Oct 18
◎Open Interest
Hyperliquid$3.30B
Phoenix$2.76M⚡Funding APR
+13.08%
annualized · funding only
⚠Execution Cost
−$16.45
entry + exit fees
⏱Payback
4.6d
to break even
◧24h Volume
Hyperliquid$2.41BPhoenix—Loading 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 (−$16.45 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.