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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 ~1.4d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+50.94%
3d Period Avg+20.12%
swing±12.98%
LONG Backpack · nowTRX_USDC_PERP
−39.98%
3d avg:−9.26%
SHORT Hyperliquid · now
+10.96%
3d avg:+10.86%
Entry Spread Now
+0.052%
Eaten by executionL 0.3432 · S 0.3433+$5.25 if it converges
24h range −0.10%…+0.21% · median +0.05%
Long pays every1hShort pays every1h
LONGmaker0.020%/taker0.050%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
−$2.47
−0.02%
$Avg Daily PnL
+$4.13
+0.0413%
★Best Day
+$6.02
Sep 23
◎Open Interest
Backpack$50.2K
Hyperliquid$12.45M⚡Funding APR
+15.08%
annualized · funding only
⚠Execution Cost
−$19.00
entry + exit fees
⏱Payback
4.6d
to break even
◧24h Volume
Backpack$10.5KHyperliquid$3.14MLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + fees only (orderbook snapshot stale) on both legs (−$19.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.