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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 ~66d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+1.10%
7d Period Avg+4.89%
swing±6.99%
LONG Hyperliquid · now
+9.86%
7d avg:+4.50%
SHORT Backpack · nowETH_USDC_PERP
+10.96%
7d avg:+9.39%
Entry Spread Now
−0.110%
Against youL ask 2,400.7 · S bid 2,398.06−$11.00 at entry
24h range −0.16%…+0.02% · median −0.11%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$10.71
−0.11%
$Avg Daily PnL
+$1.32
+0.0132%
★Best Day
+$1.80
Oct 12
◎Open Interest
Hyperliquid$2.55B
Backpack$10.59M⚡Funding APR
+4.81%
annualized · funding only
⚠Execution Cost
−$19.94
entry + exit fees
⏱Payback
15.1d
to break even
◧24h Volume
Hyperliquid$390.67MBackpack$7.24MLoading 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 (−$19.94 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.