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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
+25.89%
7d Period Avg+18.49%
swing±17.03%
LONG Hyperliquid · now
+10.96%
7d avg:+10.97%
SHORT Backpack · nowZEC_USDC_PERP
+36.84%
7d avg:+29.46%
Entry Spread Now
−0.114%
Against youL ask 1,128.7 · S bid 1,127.41−$11.43 at entry
24h range −0.30%…+0.23% · median −0.12%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.045%SHORTmaker0.020%/taker0.050%
Loading Funding History…
↗Total PnL
+$10.99
+0.11%
$Avg Daily PnL
+$5.03
+0.0503%
★Best Day
+$8.99
Oct 17
◎Open Interest
Hyperliquid$534.78M
Backpack$1.80M⚡Funding APR
+18.36%
annualized · funding only
⚠Execution Cost
−$24.23
entry + exit fees
⏱Payback
4.8d
to break even
◧24h Volume
Hyperliquid$143.27MBackpack$927.8KLoading 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 (−$24.23 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.