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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 ~5.0d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+423.12%
30d Period Avg+28.82%
swing±82.78%
LONG Backpack · nowENA_USDC_PERP
+10.96%
30d avg:+0.45%
SHORT dYdX · now
+434.08%
30d avg:+29.27%
Entry Spread Now
+1.258%
In your favorL ask 0.2059 · S bid 0.2084+$125.81 at entry
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
−$349.28
−3.49%
$Avg Daily PnL
+$7.85
+0.0785%
★Best Day
+$88.70
Sep 23
◎Open Interest
Backpack$361.8K
dYdX$137.7K⚡Funding APR
+28.66%
annualized · funding only
⚠Execution Cost
−$584.84
entry + exit fees
⏱Payback
2.5mo
to break even
◧24h Volume
Backpack$424.9KdYdX$34.8KLoading 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 (−$584.84 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.