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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 ~4.2d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+33.07%
7d Period Avg+17.65%
swing±18.41%
LONG Backpack · nowPUMP_USDC_PERP
−22.11%
7d avg:−7.34%
SHORT Hyperliquid · now
+10.96%
7d avg:+10.31%
Entry Spread Now
+0.088%
In your favorL ask 0.004335 · S bid 0.004339+$8.77 at entry
24h range −1.22%…+0.77% · median +0.16%
Long pays every1hShort pays every1h
LONGmaker0.020%/taker0.050%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
−$4.45
−0.04%
$Avg Daily PnL
+$4.83
+0.0483%
★Best Day
+$10.10
Oct 15
◎Open Interest
Backpack$703.9K
Hyperliquid$156.08M⚡Funding APR
+17.64%
annualized · funding only
⚠Execution Cost
−$38.29
entry + exit fees
⏱Payback
7.9d
to break even
◧24h Volume
Backpack$218.1KHyperliquid$82.11MLoading 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 (−$38.29 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.