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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
+193.94%
30d Period Avg+59.64%
swing±38.42%
LONG Backpack · nowOP_USDC_PERP
−141.59%
30d avg:−20.16%
SHORT Reya · nowOPRUSDPERP
+52.35%
30d avg:+39.48%
Entry Spread Now
−0.014%
NeutralL 0.1227 · S 0.1227
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
+$473.85
+4.74%
$Avg Daily PnL
+$16.33
+0.1633%
★Best Day
+$30.19
Aug 31
◎Open Interest
Backpack$72.0K
Reya$682⚡Funding APR
+59.60%
annualized · funding only
⚠Execution Cost
−$16.00
entry + exit fees
⏱Payback
23.5h
to break even
◧24h Volume
Backpack$283.5KReya$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.