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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 ~4.1d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+307.47%
3d Period Avg+193.23%
swing±158.17%
LONG Backpack · nowENA_USDC_PERP
+10.96%
3d avg:+0.36%
SHORT dYdX · now
+318.43%
3d avg:+193.59%
Entry Spread Now
+0.000%
NeutralL ask 0.2037 · S bid 0.2037
24h range −0.56%…+0.56% · median −0.01%
Long pays every1hShort pays every1h
LONGmaker0.020%/taker0.050%SHORTmaker0.010%/taker0.050%
Loading Funding History…
↗Total PnL
−$200.13
−2.00%
$Avg Daily PnL
+$36.21
+0.3621%
★Best Day
+$88.70
Sep 23
◎Open Interest
Backpack$356.4K
dYdX$136.5K⚡Funding APR
+132.15%
annualized · funding only
⚠Execution Cost
−$344.95
entry + exit fees
⏱Payback
9.5d
to break even
◧24h Volume
Backpack$404.1KdYdX$43.9KLoading 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 (−$344.95 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.