same window · same costs · same engine
Momentum vs Momentum Funding
Backtested on the same Hyperliquid perps over 2024-08-15 → 2026-07-05, at the same costs and on the same engine: Momentum Funding wins on risk-adjusted return, a Sharpe of 2.01 against 0.98. Momentum Funding rode out the shallower worst drawdown (16%), and Momentum Funding made the most in total. When Bitcoin was trending up, Momentum gained more; when it was falling, Momentum Funding held up better.
By Keel Research · Data as of 2026-07-05 · how these backtests were produced
Momentum Momentum Fundinggrowth of $100, net of costs
- Net Sharpe
- 0.98
- Total return
- +90.5%
- Max drawdown
- −39.0%
- Trades
- 949
- Win rate
- 48%
Momentum Fundingwinner
- Net Sharpe
- 2.01
- Total return
- +119.7%
- Max drawdown
- −16.3%
- Trades
- 6,401
- Win rate
- 49%
Run the winner — Momentum Funding
Momentum Funding came out ahead here (Sharpe 2.01 vs 0.98). Start it on your own Hyperliquid account, or fork it and change the settings first.
At $1,000, Momentum Funding's worst historical dip was about $163. Free account, your own keys — Keel only places the trades.
When each one wins
Total return while Bitcoin was trending up vs trending down (split by Bitcoin’s 100-day trend line).
| Market | Momentum | Momentum Funding | Higher return |
|---|---|---|---|
| Rising Bitcoin | +60.4% | +22.7% | Momentum |
| Falling Bitcoin | +18.8% | +79.0% | Momentum Funding |
What this is: a head-to-head backtest of Momentum and Momentum Funding on the same Hyperliquid window, costs and engine — net of fees, slippage and funding. The overlay is growth of $100 (normalized), not a return promise. A higher Sharpe is not a guarantee; both strategies draw down. Past performance does not predict future results, and this is not investment advice.
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