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updated —CRCL Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding never covers this cost
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
−2.02%
3d Period Avg+12.05%
swing±67.53%
LONG Ondo · nowCRCL-USD.P
+5.52%
3d avg:−5.26%
SHORT Lighter · now
+3.51%
3d avg:+6.79%
Entry Spread Now
+0.057%
Eaten by executionL 60.5264 · S 60.5610+$5.72 if it converges
24h range −0.42%…+0.78% · median +0.06%
Long pays every1hShort pays every1h
LONGmaker0.015%/taker0.035%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
−$1.96
−0.02%
$Avg Daily PnL
+$3.28
+0.0328%
★Best Day
+$3.92
Nov 14
◎Open Interest
Ondo$1.44M
Lighter$1.26M⚡Funding APR
+11.96%
annualized · funding only
⚠Execution Cost
−$11.79
entry + exit fees
⏱Payback
3.6d
to break even
◧24h Volume
Ondo$3.19MLighter$4.45MLoading Cumulative PnL…
How it works: Funding PnL is bucketed daily from real settlement history. Execution Cost = round-trip taker fees + fees only (orderbook snapshot stale) on both legs (−$11.79 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.