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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 ~4.1d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+25.15%
7d Period Avg+38.48%
swing±31.64%
LONG Hyperliquid · now
+2.87%
7d avg:+9.22%
SHORT Backpack · nowNEAR_USDC_PERP
+28.01%
7d avg:+47.70%
Entry Spread Now
+0.002%
NeutralL ask 4.8918 · S bid 4.8919
24h range −0.35%…+0.34% · median −0.03%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
+$45.89
+0.46%
$Avg Daily PnL
+$10.61
+0.1061%
★Best Day
+$19.80
Oct 11
◎Open Interest
Hyperliquid$301.74M
Backpack$1.49M⚡Funding APR
+38.73%
annualized · funding only
⚠Execution Cost
−$28.39
entry + exit fees
⏱Payback
2.7d
to break even
◧24h Volume
Hyperliquid$102.89MBackpack$1.61MLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + live L2 orderbook slippage on both legs (−$28.39 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.