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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 ~0.4d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+200.55%
1d Period Avg+162.08%
swing±46.96%
LONG Meridian · now
−189.59%
1d avg:−176.67%
SHORT Backpack · nowENA_USDC_PERP
+10.96%
1d avg:−14.59%
Entry Spread Now
+0.188%
In your favorL ask 0.1858 · S bid 0.1862+$18.83 at entry
24h range −0.10%…+0.19% · median +0.03%
Long pays every1hShort pays every1h
LONGmaker0%/taker0.030%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
+$21.07
+0.21%
$Avg Daily PnL
+$44.81
+0.4481%
★Best Day
+$44.81
Oct 18
◎Open Interest
Meridian$128.8K
Backpack$373.2K⚡Funding APR
+163.56%
annualized · funding only
⚠Execution Cost
−$23.74
entry + exit fees
⏱Payback
12.7h
to break even
◧24h Volume
Meridian$88.0KBackpack$115.2KLoading 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 (−$23.74 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.