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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 ~11d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+8.59%
7d Period Avg+8.13%
swing±7.03%
LONG Phoenix · now
+2.37%
7d avg:+5.29%
SHORT Hyperliquid · now
+10.96%
7d avg:+13.42%
Entry Spread Now
−0.034%
Against youL ask 1,222.32 · S bid 1,221.9−$3.44 at entry
24h range −0.93%…+1.04% · median −0.02%
Long pays every1hShort pays every1h
LONGmaker0.005%/taker0.035%SHORTmaker0.015%/taker0.045%
Loading Funding History…
↗Total PnL
−$10.10
−0.10%
$Avg Daily PnL
+$2.24
+0.0224%
★Best Day
+$3.07
Oct 5
◎Open Interest
Phoenix$4.06M
Hyperliquid$281.33M⚡Funding APR
+8.17%
annualized · funding only
⚠Execution Cost
−$25.77
entry + exit fees
⏱Payback
11.5d
to break even
◧24h Volume
Phoenix—Hyperliquid$73.28MLoading 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 (−$25.77 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.