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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 ~12d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+7.73%
3d Period Avg+8.95%
swing±2.64%
LONG Phoenix · now
+3.22%
3d avg:+2.01%
SHORT Hyperliquid · now
+10.96%
3d avg:+10.96%
Entry Spread Now
−0.064%
Against youL ask 1,226.38 · S bid 1,225.6−$6.36 at entry
24h range −0.93%…+1.04% · median −0.04%
Long pays every1hShort pays every1h
LONGmaker0.005%/taker0.035%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
−$18.15
−0.18%
$Avg Daily PnL
+$2.44
+0.0244%
★Best Day
+$2.70
Oct 9
◎Open Interest
Phoenix$4.07M
Hyperliquid$282.07M⚡Funding APR
+8.92%
annualized · funding only
⚠Execution Cost
−$25.48
entry + exit fees
⏱Payback
10.4d
to break even
◧24h Volume
Phoenix—Hyperliquid$69.94MLoading 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 (−$25.48 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.