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updated —Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding never covers this cost
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
−65.31%
3d Period Avg+18.84%
swing±211.15%
LONG Hyperliquid · now
+10.96%
3d avg:+26.01%
SHORT Lighter · now
−54.35%
3d avg:+44.85%
Entry Spread Now
−0.041%
Eaten by executionL 0.1219 · S 0.1218−$4.10 if it converges
24h range −2.08%…+1.60% · median −0.12%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
+$4.58
+0.05%
$Avg Daily PnL
+$4.53
+0.0453%
★Best Day
+$8.12
Oct 15
◎Open Interest
Hyperliquid$26.99M
Lighter$555.7K⚡Funding APR
+16.52%
annualized · funding only
⚠Execution Cost
−$9.00
entry + exit fees
⏱Payback
2.0d
to break even
◧24h Volume
Hyperliquid$13.50MLighter$972.0KLoading 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 (−$9.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.