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updated —SMSN Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~33d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+3.51%
3d Period Avg+18.46%
swing±105.39%
LONG Phemex · nowSAMSUNGUSDT
+0.00%
3d avg:+0.00%
SHORT Lighter · nowSAMSUNGUSD-USDC
+3.51%
3d avg:+18.46%
Entry Spread Now
+2.509%
In your favorL ask 150.9200 · S bid 154.7060+$250.86 at entry
24h range −0.49%…+0.72% · median −0.00%
Long pays every8hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
−$12.84
−0.13%
$Avg Daily PnL
+$6.43
+0.0643%
★Best Day
+$17.20
Nov 12
◎Open Interest
Phemex$1.73M
Lighter$2.02M⚡Funding APR
+23.46%
annualized · funding only
⚠Execution Cost
−$32.12
entry + exit fees
⏱Payback
5.0d
to break even
◧24h Volume
Phemex$5.17MLighter$1.68MLoading 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 (−$32.12 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.