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updated βFunding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg Β· +$20000.00 turnover Β· funding never covers this cost
Funding ArbitrageLooking at price convergence? β /price-pair
Current Net APR Β· Snapshot
β19.53%
3d Period Avg+2.51%
swingΒ±6.19%
LONG Phoenix Β· now
+0.00%
3d avg:+2.17%
SHORT Hyperliquid Β· now
β19.53%
3d avg:+4.68%
Entry Spread Now
β0.100%
Against youL ask 2,506.5 Β· S bid 2,504β$9.97 at entry
24h range β0.33%β¦+0.55% Β· median β0.05%
Long pays every1hShort pays every1h
LONGmaker0.005%/taker0.035%SHORTmaker0.015%/taker0.045%
Loading Funding Historyβ¦
βTotal PnL
β$17.86
β0.18%
$Avg Daily PnL
+$0.69
+0.0069%
β
Best Day
+$1.42
Oct 10
βOpen Interest
Phoenix$1.14M
Hyperliquid$1.41Bβ‘Funding APR
+2.53%
annualized Β· funding only
β Execution Cost
β$19.94
entry + exit fees
β±Payback
28.7d
to break even
β§24h Volume
PhoenixβHyperliquid$993.50MLoading Cumulative PnLβ¦
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 (β$19.94 for size $10,000). Slippage scales nonlinearly with position size β try a larger size to see thin upper levels run out.