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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 ~6.7d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+11.80%
7d Period Avg+3.24%
swing±7.42%
LONG Hyperliquid · now
−6.11%
7d avg:+5.02%
SHORT Backpack · nowSOL_USDC_PERP
+5.69%
7d avg:+8.26%
Entry Spread Now
−0.185%
Against youL ask 102.8700 · S bid 102.6800−$18.47 at entry
24h range −0.23%…−0.02% · median −0.12%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
−$15.18
−0.15%
$Avg Daily PnL
+$0.92
+0.0092%
★Best Day
+$1.76
Oct 17
◎Open Interest
Hyperliquid$558.31M
Backpack$19.60M⚡Funding APR
+3.35%
annualized · funding only
⚠Execution Cost
−$21.60
entry + exit fees
⏱Payback
23.5d
to break even
◧24h Volume
Hyperliquid$66.86MBackpack$3.32MLoading 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 (−$21.60 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.