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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 ~1725d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+0.07%
7d Period Avg+6.70%
swing±35.16%
LONG Hyperliquid · now
+10.96%
7d avg:+39.02%
SHORT Pionex · nowPONS_USDT_PERP
+11.03%
7d avg:+45.72%
Entry Spread Now
−0.133%
Eaten by executionL 0.5705 · S 0.5697−$13.27 if it converges
24h range −0.63%…+0.80% · median −0.05%
Long pays every1hShort pays every4h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$20.46
−0.20%
$Avg Daily PnL
+$1.80
+0.0180%
★Best Day
+$10.42
Sep 23
◎Open Interest
Hyperliquid$29.66M
Pionex$707.8K⚡Funding APR
+6.58%
annualized · funding only
⚠Execution Cost
−$33.08
entry + exit fees
⏱Payback
18.4d
to break even
◧24h Volume
Hyperliquid$20.74MPionex$1.43MLoading 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 (−$33.08 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.