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updated —Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding never covers this cost
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+0.00%
3d Period Avg+46.96%
swing±27.31%
LONG Phemex · now
+10.96%
3d avg:−43.88%
SHORT Hyperliquid · now
+10.96%
3d avg:+3.08%
Entry Spread Now
+0.004%
NeutralL 4.5820 · S 4.5822
24h range −0.09%…+0.38% · median +0.11%
Long pays every4hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$8.80
+0.09%
$Avg Daily PnL
+$12.69
+0.1269%
★Best Day
+$15.42
Sep 25
◎Open Interest
Phemex$1.83M
Hyperliquid$103.46M⚡Funding APR
+46.30%
annualized · funding only
⚠Execution Cost
−$29.26
entry + exit fees
⏱Payback
2.3d
to break even
◧24h Volume
Phemex$2.09MHyperliquid$20.80MLoading 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 (−$29.26 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.