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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 ~0.5d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+144.36%
3d Period Avg+119.33%
swing±35.16%
LONG Phemex · now
−133.40%
3d avg:−82.33%
SHORT Hyperliquid · now
+10.96%
3d avg:+37.00%
Entry Spread Now
−0.313%
Against youL 3.1360 · S 3.1262−$31.25 if it converges
24h range −0.52%…+0.65% · median +0.12%
Long pays every8hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$74.33
+0.74%
$Avg Daily PnL
+$31.78
+0.3178%
★Best Day
+$35.48
Sep 26
◎Open Interest
Phemex$1.72M
Hyperliquid$2.43M⚡Funding APR
+115.98%
annualized · funding only
⚠Execution Cost
−$21.00
entry + exit fees
⏱Payback
15.8h
to break even
◧24h Volume
Phemex$576.9KHyperliquid$2.76MLoading 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 (−$21.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.