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updated —ICP Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~0.9d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+84.26%
3d Period Avg+117.15%
swing±10.07%
LONG Phemex · now
−90.56%
3d avg:−107.62%
SHORT Hyperliquid · now
−6.30%
3d avg:+9.53%
Entry Spread Now
+0.171%
In your favorL 2.3970 · S 2.4011+$17.10 if it converges
24h range −0.73%…+0.69% · median +0.18%
Long pays every8hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$75.97
+0.76%
$Avg Daily PnL
+$32.32
+0.3232%
★Best Day
+$33.98
Nov 13
◎Open Interest
Phemex$1.61M
Hyperliquid$2.47M⚡Funding APR
+117.97%
annualized · funding only
⚠Execution Cost
−$21.00
entry + exit fees
⏱Payback
15.6h
to break even
◧24h Volume
Phemex$648.8KHyperliquid$2.47MLoading 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.