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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
β7.31%
7d Period Avg+6.22%
swingΒ±5.55%
LONG Phoenix Β· now
β2.44%
7d avg:+2.10%
SHORT Hyperliquid Β· now
β9.75%
7d avg:+8.32%
Entry Spread Now
β0.092%
Against youL ask 2,508.9 Β· S bid 2,506.6β$9.17 at entry
24h range β0.33%β¦+0.55% Β· median β0.04%
Long pays every1hShort pays every1h
LONGmaker0.005%/taker0.035%SHORTmaker0.015%/taker0.045%
Loading Funding Historyβ¦
βTotal PnL
β$8.12
β0.08%
$Avg Daily PnL
+$1.69
+0.0169%
β
Best Day
+$3.32
Oct 5
βOpen Interest
Phoenix$1.15M
Hyperliquid$1.40Bβ‘Funding APR
+6.16%
annualized Β· funding only
β Execution Cost
β$19.94
entry + exit fees
β±Payback
11.8d
to break even
β§24h Volume
PhoenixβHyperliquid$903.05MLoading 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.