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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 ~43d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+4.35%
7d Period Avg+18.67%
swing±29.04%
LONG Phemex · now
+10.96%
7d avg:+10.62%
SHORT Hyperliquid · now
+15.31%
7d avg:+29.29%
Entry Spread Now
−0.002%
NeutralL ask 5.4060 · S bid 5.4059
24h range −0.13%…+0.30% · median +0.08%
Long pays every8hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
−$15.01
−0.15%
$Avg Daily PnL
+$5.11
+0.0511%
★Best Day
+$17.91
Sep 21
◎Open Interest
Phemex$4.23M
Hyperliquid$211.93M⚡Funding APR
+18.66%
annualized · funding only
⚠Execution Cost
−$50.80
entry + exit fees
⏱Payback
9.9d
to break even
◧24h Volume
Phemex$9.44MHyperliquid$306.92MLoading 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 (−$50.80 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.