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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 ~0.6d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+208.85%
3d Period Avg+124.23%
swing±79.37%
LONG Meridian · now
−197.90%
3d avg:−123.51%
SHORT Backpack · nowENA_USDC_PERP
+10.96%
3d avg:+0.72%
Entry Spread Now
+0.179%
In your favorL ask 0.1900 · S bid 0.1904+$17.89 at entry
24h range −0.13%…+0.19% · median +0.03%
Long pays every1hShort pays every1h
LONGmaker0%/taker0.030%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
+$69.51
+0.70%
$Avg Daily PnL
+$34.51
+0.3451%
★Best Day
+$47.10
Oct 17
◎Open Interest
Meridian$130.2K
Backpack$382.7K⚡Funding APR
+125.96%
annualized · funding only
⚠Execution Cost
−$34.02
entry + exit fees
⏱Payback
23.8h
to break even
◧24h Volume
Meridian$87.4KBackpack$119.4KLoading 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 (−$34.02 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.