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updated —SAND 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+12.20%
swing±18.07%
LONG Hyperliquid · now
+10.96%
7d avg:−1.24%
SHORT Phemex · now
+10.96%
7d avg:+10.96%
Entry Spread Now
+0.000%
NeutralL 0.03838 · S 0.03838
24h range −0.37%…+1.00% · median +0.09%
Long pays every1hShort pays every8h
LONGmaker0.015%/taker0.045%SHORTmaker0.010%/taker0.060%
Loading Funding History…
↗Total PnL
−$0.92
−0.01%
$Avg Daily PnL
+$2.87
+0.0287%
★Best Day
+$5.94
Nov 10
◎Open Interest
Hyperliquid$613.7K
Phemex$1.34M⚡Funding APR
+10.47%
annualized · funding only
⚠Execution Cost
−$21.00
entry + exit fees
⏱Payback
7.3d
to break even
◧24h Volume
Hyperliquid$149.6KPhemex$827.5KLoading 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.