Net APR

Fees and slippage are paid once, when you open and when you close. Funding is paid every interval. Net APR puts both on the same footing by spreading the one-time costs over the time you plan to hold.

Formula

round_trip = fees_in + fees_out + slippage_in + slippage_out − price_gap_edge

Net APR = APR − (round_trip / size) × (365 / hold_days) × 100 %

• size — position size per leg, in USD.
• hold_days — the hold you pick in Execute (1–30 days). The board uses 7 days for every row.
• fees — both legs, in and out. See Fees.
• slippage — walked on the live order books. See Slippage & price gap.
• price_gap_edge — what you gain (or lose) because the two venues’ prices are apart today by more (or less) than usual. It can make the round trip cheaper or dearer.

The shorter the hold, the more the one-time costs weigh on the annual number. That is why the hold is a choice you make, not something we assume for you.

Worked example

round_trip = 16 + 4 − 0 = $20
fee drag   = (20 / 10,000) × (365 / 7) × 100 = 10.43 %
Net APR    = 30 − 10.43 = 19.57 %

Hold the same trade for 30 days and the drag falls to 2.43 %, so Net APR is 27.57 %.

Break-even

break_even_hours = (round_trip / size) / spread_8h × 8

With a spread of 0.0274 % per 8 hours (30 % APR) and a $20 round trip on $10,000, break-even is 0.002 / 0.000274 × 8 ≈ 58 hours. Funding earned after that is profit — as long as the spread holds.

Open trades

Once a trade is open, its entry costs are already paid. The trade page shows:

• Funding APR — the pair’s live spread, annualized. This is what the Funding APR floor exit rule watches.
• Net result — funding received − fees paid − the estimated cost to close now.