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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 ~3.1d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+70.72%
3d Period Avg+1.82%
swing±50.57%
LONG Phemex · now
−41.77%
3d avg:+22.91%
SHORT Hyperliquid · now
+28.94%
3d avg:+24.73%
Entry Spread Now
−0.150%
Against youL ask 0.5802 · S bid 0.5793−$14.99 at entry
24h range −0.28%…+0.69% · median +0.08%
Long pays every4hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
−$57.31
−0.57%
$Avg Daily PnL
+$0.99
+0.0099%
★Best Day
+$3.85
Sep 27
◎Open Interest
Phemex$3.74M
Hyperliquid$44.71M⚡Funding APR
+3.61%
annualized · funding only
⚠Execution Cost
−$60.28
entry + exit fees
⏱Payback
2.0mo
to break even
◧24h Volume
Phemex$6.12MHyperliquid$31.42MLoading 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 (−$60.28 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.