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updated —S Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~6.2d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+12.43%
3d Period Avg+4.72%
swing±10.30%
LONG Hyperliquid · now
−1.47%
3d avg:+6.24%
SHORT Phemex · now
+10.96%
3d avg:+10.96%
Entry Spread Now
+0.177%
In your favorL 0.03619 · S 0.03625+$17.69 if it converges
24h range −0.70%…+0.88% · median −0.05%
Long pays every1hShort pays every4h
LONGmaker0.015%/taker0.045%SHORTmaker0.010%/taker0.060%
Loading Funding History…
↗Total PnL
−$17.47
−0.17%
$Avg Daily PnL
+$1.18
+0.0118%
★Best Day
+$2.66
Nov 13
◎Open Interest
Hyperliquid$1.31M
Phemex$1.31M⚡Funding APR
+4.29%
annualized · funding only
⚠Execution Cost
−$21.00
entry + exit fees
⏱Payback
17.9d
to break even
◧24h Volume
Hyperliquid$409.5KPhemex$561.2KLoading 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 (−$21.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.