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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 ~4.8d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+14.43%
7d Period Avg+10.55%
swing±12.38%
LONG Hyperliquid · now
+10.96%
7d avg:+8.43%
SHORT Phoenix · now
+25.39%
7d avg:+18.98%
Entry Spread Now
+0.118%
In your favorL ask 110.1700 · S bid 110.3000+$11.80 at entry
24h range −0.56%…+0.58% · median +0.10%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.005%/taker0.035%
Loading Funding History…
↗Total PnL
+$1.01
+0.01%
$Avg Daily PnL
+$2.86
+0.0286%
★Best Day
+$6.19
Oct 9
◎Open Interest
Hyperliquid$317.67M
Phoenix$9.12M⚡Funding APR
+10.43%
annualized · funding only
⚠Execution Cost
−$18.99
entry + exit fees
⏱Payback
6.7d
to break even
◧24h Volume
Hyperliquid$68.06MPhoenix—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 (−$18.99 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.