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updated 3:12:26 AMFunding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~96d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+0.64%
3d Period Avg+8.87%
swing±12.31%
LONG Hyperliquid · now
+10.96%
3d avg:+10.38%
SHORT Phoenix · now
+11.60%
3d avg:+19.25%
Entry Spread Now
+0.121%
In your favorL ask 80,899 · S bid 80,997+$12.11 at entry
24h range −1.66%…+0.97% · median +0.07%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.005%/taker0.035%
Loading Funding History…
↗Total PnL
−$9.62
−0.10%
$Avg Daily PnL
+$1.82
+0.0182%
★Best Day
+$4.64
Sep 2
◎Open Interest
Hyperliquid$2.91B
Phoenix$2.55M⚡Funding APR
+6.65%
annualized · funding only
⚠Execution Cost
−$16.90
entry + exit fees
⏱Payback
9.3d
to break even
◧24h Volume
Hyperliquid$4.51BPhoenix—Loading 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 (−$16.90 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.