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updated —CRCL Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover · funding covers it in ~12d
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+3.51%
3d Period Avg+6.91%
swing±36.33%
LONG Phemex · now
+0.00%
3d avg:+0.00%
SHORT Lighter · now
+3.51%
3d avg:+6.91%
Entry Spread Now
−0.121%
Against youL 60.5500 · S 60.4770−$12.06 if it converges
24h range −0.70%…+0.38% · median −0.10%
Long pays every4hShort pays every1h
LONGmaker0.010%/taker0.060%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
−$6.36
−0.06%
$Avg Daily PnL
+$1.88
+0.0188%
★Best Day
+$4.42
Nov 12
◎Open Interest
Phemex$1.41M
Lighter$1.26M⚡Funding APR
+6.86%
annualized · funding only
⚠Execution Cost
−$12.00
entry + exit fees
⏱Payback
6.4d
to break even
◧24h Volume
Phemex$675.5KLighter$4.62MLoading 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 (−$12.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.