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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 ~4.3d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+21.17%
3d Period Avg+15.73%
swing±27.48%
LONG Hyperliquid · now
−42.50%
3d avg:−12.85%
SHORT Backpack · nowJUP_USDC_PERP
−21.33%
3d avg:+2.88%
Entry Spread Now
−0.052%
Eaten by executionL 0.2910 · S 0.2909−$5.15 if it converges
24h range −0.51%…+0.64% · median −0.07%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$11.74
−0.12%
$Avg Daily PnL
+$4.49
+0.0449%
★Best Day
+$9.31
Oct 15
◎Open Interest
Hyperliquid$9.59M
Backpack$522.3K⚡Funding APR
+16.39%
annualized · funding only
⚠Execution Cost
−$25.21
entry + exit fees
⏱Payback
5.6d
to break even
◧24h Volume
Hyperliquid$1.43MBackpack$151.1KLoading 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 (−$25.21 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.