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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 ~3.7d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+18.74%
7d Period Avg+10.24%
swing±9.74%
LONG Hyperliquid · now
−3.56%
7d avg:+8.61%
SHORT Phoenix · now
+15.18%
7d avg:+18.85%
Entry Spread Now
+0.099%
In your favorL ask 82,967 · S bid 83,049+$9.88 at entry
24h range −0.16%…+0.26% · median +0.10%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.005%/taker0.035%
Loading Funding History…
↗Total PnL
+$0.62
+0.01%
$Avg Daily PnL
+$2.81
+0.0281%
★Best Day
+$4.83
Oct 8
◎Open Interest
Hyperliquid$1.59B
Phoenix$3.93M⚡Funding APR
+10.25%
annualized · funding only
⚠Execution Cost
−$19.03
entry + exit fees
⏱Payback
6.8d
to break even
◧24h Volume
Hyperliquid$799.59MPhoenix—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 (−$19.03 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.