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updated βFunding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg Β· +$20000.00 turnover Β· funding never covers this cost
Funding ArbitrageLooking at price convergence? β /price-pair
Current Net APR Β· Snapshot
β7.47%
7d Period Avgβ5.56%
swingΒ±37.31%
LONG Hyperliquid Β· now
+10.96%
7d avg:β2.08%
SHORT Backpack Β· nowJUP_USDC_PERP
+3.49%
7d avg:β7.64%
Entry Spread Now
+0.021%
Eaten by executionL 0.2898 Β· S 0.2898+$2.07 if it converges
24h range β0.51%β¦+0.29% Β· median β0.08%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding Historyβ¦
βTotal PnL
β$38.86
β0.39%
$Avg Daily PnL
β$1.60
β0.0160%
β
Best Day
+$9.31
Oct 15
βOpen Interest
Hyperliquid$9.69M
Backpack$521.4Kβ‘Funding APR
β5.84%
annualized Β· funding only
β Execution Cost
β$27.67
entry + exit fees
β±Payback
never
to break even
β§24h Volume
Hyperliquid$993.1KBackpack$137.5KLoading Cumulative PnLβ¦
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 (β$27.67 for size $10,000). Slippage scales nonlinearly with position size β try a larger size to see thin upper levels run out.