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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 ~3.0d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+24.13%
3d Period Avg+19.31%
swing±5.67%
LONG Hyperliquid · now
+10.96%
3d avg:+8.72%
SHORT Phoenix · now
+35.09%
3d avg:+28.03%
Entry Spread Now
+0.164%
In your favorL ask 109.9300 · S bid 110.1100+$16.37 at entry
24h range −0.56%…+0.58% · median +0.11%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.005%/taker0.035%
Loading Funding History…
↗Total PnL
−$4.40
−0.04%
$Avg Daily PnL
+$5.19
+0.0519%
★Best Day
+$6.19
Oct 9
◎Open Interest
Hyperliquid$317.14M
Phoenix$9.08M⚡Funding APR
+18.93%
annualized · funding only
⚠Execution Cost
−$19.96
entry + exit fees
⏱Payback
3.9d
to break even
◧24h Volume
Hyperliquid$67.49MPhoenix—Loading 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 (−$19.96 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.