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updated —Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding never covers this cost
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+0.00%
7d Period Avg+2.29%
swing±4.83%
LONG Hyperliquid · now
+10.96%
7d avg:+10.16%
SHORT Backpack · nowPAXG_USDC_PERP
+10.96%
7d avg:+12.45%
Entry Spread Now
−0.039%
Eaten by executionL 4,156.4 · S 4,154.78−$3.90 if it converges
24h range −0.09%…−0.01% · median −0.06%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$14.63
−0.15%
$Avg Daily PnL
+$0.62
+0.0062%
★Best Day
+$1.97
Oct 16
◎Open Interest
Hyperliquid$22.46M
Backpack$1.10M⚡Funding APR
+2.28%
annualized · funding only
⚠Execution Cost
−$19.00
entry + exit fees
⏱Payback
1.0mo
to break even
◧24h Volume
Hyperliquid$801.1KBackpack$144.6KLoading 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 (−$19.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.