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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 ~4.6d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+35.95%
7d Period Avg+0.85%
swing±61.83%
LONG Phemex · now
+10.96%
7d avg:+29.42%
SHORT Hyperliquid · now
+46.91%
7d avg:+30.27%
Entry Spread Now
−0.021%
Against youL ask 0.5571 · S bid 0.5570−$2.15 at entry
24h range −0.04%…+0.63% · median +0.08%
Long pays every4hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
−$43.78
−0.44%
$Avg Daily PnL
+$0.23
+0.0023%
★Best Day
+$8.45
Sep 21
◎Open Interest
Phemex$3.60M
Hyperliquid$42.53M⚡Funding APR
+0.85%
annualized · funding only
⚠Execution Cost
−$45.42
entry + exit fees
⏱Payback
6.5mo
to break even
◧24h Volume
Phemex$6.03MHyperliquid$27.96MLoading 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 (−$45.42 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.