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updated —BTC Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~9.2d
ⓘSlippage estimate may be inaccurate (thin orderbook or partial fill)
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+9.51%
3d Period Avg+9.91%
swing±59.36%
LONG Phemex · now
+1.45%
3d avg:+4.23%
SHORT Bluefin · nowBTC-PERP
+10.96%
3d avg:+14.14%
Entry Spread Now
−0.079%
Against youL ask 77,919.9 · S bid 77,858.5−$7.88 at entry
24h range −0.94%…+0.96% · median −0.07%
Long pays every8hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.005%/taker0.035%
Loading Funding History…
↗Total PnL
−$19.52
−0.20%
$Avg Daily PnL
+$1.44
+0.0144%
★Best Day
+$3.59
Oct 30
◎Open Interest
Phemex$178.67M
Bluefin$48.4K⚡Funding APR
+5.26%
annualized · funding only
⚠Execution Cost
−$23.85
entry + exit fees
⏱Payback
16.5d
to break even
◧24h Volume
Phemex$31.24MBluefin$38.9KLoading 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 (−$23.85 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.