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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 ~1.3d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+59.24%
7d Period Avg+107.20%
swing±39.88%
LONG Phemex · now
−48.28%
7d avg:−75.63%
SHORT Hyperliquid · now
+10.96%
7d avg:+31.57%
Entry Spread Now
+0.077%
Eaten by executionL 3.1070 · S 3.1094+$7.72 if it converges
24h range −0.52%…+0.56% · median +0.13%
Long pays every8hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$184.44
+1.84%
$Avg Daily PnL
+$29.35
+0.2935%
★Best Day
+$38.02
Sep 21
◎Open Interest
Phemex$1.71M
Hyperliquid$2.39M⚡Funding APR
+107.12%
annualized · funding only
⚠Execution Cost
−$21.00
entry + exit fees
⏱Payback
17.3h
to break even
◧24h Volume
Phemex$580.3KHyperliquid$2.75MLoading 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.