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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 ~7.1d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+8.18%
3d Period Avg+13.18%
swing±5.29%
LONG Hyperliquid · now
+10.96%
3d avg:+7.87%
SHORT Phoenix · now
+19.14%
3d avg:+21.05%
Entry Spread Now
+0.250%
In your favorL 82,253.5 · S 82,459+$24.98 if it converges
24h range −0.59%…+0.89% · median +0.08%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.005%/taker0.035%
Loading Funding History…
↗Total PnL
−$5.47
−0.05%
$Avg Daily PnL
+$3.51
+0.0351%
★Best Day
+$4.58
Oct 18
◎Open Interest
Hyperliquid$3.28B
Phoenix$2.75M⚡Funding APR
+12.82%
annualized · funding only
⚠Execution Cost
−$16.00
entry + exit fees
⏱Payback
4.6d
to break even
◧24h Volume
Hyperliquid$2.36BPhoenix—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 (−$16.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.