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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 ~6.8d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+10.24%
3d Period Avg+3.79%
swing±7.68%
LONG Hyperliquid · now
+0.72%
3d avg:+5.68%
SHORT Backpack · nowETH_USDC_PERP
+10.96%
3d avg:+9.47%
Entry Spread Now
−0.132%
Against youL 2,396.4 · S 2,393.24−$13.19 if it converges
24h range −0.31%…+0.04% · median −0.11%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$15.83
−0.16%
$Avg Daily PnL
+$1.06
+0.0106%
★Best Day
+$1.55
Oct 17
◎Open Interest
Hyperliquid$2.47B
Backpack$10.86M⚡Funding APR
+3.86%
annualized · funding only
⚠Execution Cost
−$19.00
entry + exit fees
⏱Payback
18.0d
to break even
◧24h Volume
Hyperliquid$568.44MBackpack$8.86MLoading 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 (−$19.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.