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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 ~3.4d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+27.73%
7d Period Avg+24.62%
swing±32.12%
LONG Phemex · now
+10.96%
7d avg:+10.93%
SHORT Hyperliquid · now
+38.69%
7d avg:+35.55%
Entry Spread Now
+0.100%
Eaten by executionL 0.5485 · S 0.5491+$10.03 if it converges
24h range −0.13%…+1.24% · median +0.11%
Long pays every8hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
+$20.70
+0.21%
$Avg Daily PnL
+$6.68
+0.0668%
★Best Day
+$16.31
Sep 26
◎Open Interest
Phemex$2.20M
Hyperliquid$48.45M⚡Funding APR
+24.39%
annualized · funding only
⚠Execution Cost
−$26.08
entry + exit fees
⏱Payback
3.9d
to break even
◧24h Volume
Phemex$4.42MHyperliquid$80.36MLoading 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 (−$26.08 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.