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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 ~2.9d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+42.07%
3d Period Avg+24.34%
swing±23.58%
LONG Backpack · nowPUMP_USDC_PERP
−31.11%
3d avg:−14.74%
SHORT Hyperliquid · now
+10.96%
3d avg:+9.60%
Entry Spread Now
+0.115%
In your favorL ask 0.004348 · S bid 0.004353+$11.50 at entry
24h range −1.22%…+0.51% · median +0.16%
Long pays every1hShort pays every1h
LONGmaker0.020%/taker0.050%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
−$13.07
−0.13%
$Avg Daily PnL
+$6.66
+0.0666%
★Best Day
+$10.10
Oct 15
◎Open Interest
Backpack$699.3K
Hyperliquid$156.40M⚡Funding APR
+24.32%
annualized · funding only
⚠Execution Cost
−$33.06
entry + exit fees
⏱Payback
5.0d
to break even
◧24h Volume
Backpack$215.1KHyperliquid$80.20MLoading 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 (−$33.06 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.