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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 ~0.3d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+185.43%
3d Period Avg+62.14%
swing±54.33%
LONG Backpack · nowOP_USDC_PERP
−132.92%
3d avg:−12.83%
SHORT Reya · nowOPRUSDPERP
+52.51%
3d avg:+49.31%
Entry Spread Now
+0.803%
In your favorL 0.1237 · S 0.1247+$80.25 if it converges
24h range −0.36%…+0.34% · median −0.03%
Long pays every1hShort pays every1h
LONGmaker0.020%/taker0.050%SHORTmaker0.010%/taker0.030%
Loading Funding History…
↗Total PnL
+$35.04
+0.35%
$Avg Daily PnL
+$12.76
+0.1276%
★Best Day
+$27.26
Sep 23
◎Open Interest
Backpack$69.9K
Reya$693⚡Funding APR
+46.57%
annualized · funding only
⚠Execution Cost
−$16.00
entry + exit fees
⏱Payback
1.3d
to break even
◧24h Volume
Backpack$274.9KReya$0Loading 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 (−$16.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.