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updated 1:49:27 AMFunding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~7.8d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+7.65%
3d Period Avg+9.23%
swing±12.09%
LONG Hyperliquid · now
+2.63%
3d avg:+10.40%
SHORT Phoenix · now
+10.28%
3d avg:+19.63%
Entry Spread Now
−0.021%
Against youL ask 80,825 · S bid 80,808−$2.10 at entry
24h range −1.66%…+0.97% · median +0.04%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.005%/taker0.035%
Loading Funding History…
↗Total PnL
−$8.82
−0.09%
$Avg Daily PnL
+$1.89
+0.0189%
★Best Day
+$4.64
Sep 2
◎Open Interest
Hyperliquid$2.91B
Phoenix$2.13M⚡Funding APR
+6.89%
annualized · funding only
⚠Execution Cost
−$16.38
entry + exit fees
⏱Payback
8.7d
to break even
◧24h Volume
Hyperliquid$4.55BPhoenix—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 (−$16.38 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.