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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 ~1.3d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+54.45%
30d Period Avg+16.57%
swing±30.58%
LONG Backpack · nowTRX_USDC_PERP
−43.50%
30d avg:−27.53%
SHORT Hyperliquid · now
+10.96%
30d avg:−10.96%
Entry Spread Now
+0.050%
Eaten by executionL 0.3417 · S 0.3418+$4.98 if it converges
24h range −0.10%…+0.21% · median +0.06%
Long pays every1hShort pays every1h
LONGmaker0.020%/taker0.050%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$117.13
+1.17%
$Avg Daily PnL
+$4.54
+0.0454%
★Best Day
+$14.80
Sep 5
◎Open Interest
Backpack$50.0K
Hyperliquid$12.56M⚡Funding APR
+16.56%
annualized · funding only
⚠Execution Cost
−$19.00
entry + exit fees
⏱Payback
4.2d
to break even
◧24h Volume
Backpack$10.5KHyperliquid$3.22MLoading 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.