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updated 1:05:50 PMFunding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~14d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+5.49%
3d Period Avg+6.71%
swing±8.13%
LONG Hyperliquid · now
+3.88%
3d avg:+4.07%
SHORT Backpack · nowSOL_USDC_PERP
+9.36%
3d avg:+10.78%
Entry Spread Now
−0.072%
Against youL ask 97.1700 · S bid 97.1000−$7.20 at entry
24h range −0.50%…+0.09% · median −0.04%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$15.76
−0.16%
$Avg Daily PnL
+$1.32
+0.0132%
★Best Day
+$1.83
Sep 15
◎Open Interest
Hyperliquid$519.29M
Backpack$16.74M⚡Funding APR
+4.81%
annualized · funding only
⚠Execution Cost
−$21.04
entry + exit fees
⏱Payback
15.9d
to break even
◧24h Volume
Hyperliquid$289.70MBackpack$11.79MLoading 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 (−$21.04 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.