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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 ~1.8d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+56.38%
7d Period Avg+41.33%
swing±43.27%
LONG Phemex · now
+10.96%
7d avg:+10.96%
SHORT Hyperliquid · now
+67.34%
7d avg:+52.29%
Entry Spread Now
+0.098%
Eaten by executionL 1.6340 · S 1.6356+$9.79 if it converges
24h range −0.90%…+0.91% · median +0.10%
Long pays every4hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$51.12
+0.51%
$Avg Daily PnL
+$11.32
+0.1132%
★Best Day
+$17.41
Sep 26
◎Open Interest
Phemex$1.83M
Hyperliquid$31.33M⚡Funding APR
+41.31%
annualized · funding only
⚠Execution Cost
−$28.10
entry + exit fees
⏱Payback
2.5d
to break even
◧24h Volume
Phemex$2.27MHyperliquid$26.69MLoading 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 (−$28.10 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.