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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 ~26d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+3.51%
3d Period Avg+9.11%
swing±35.52%
LONG QFEX · now
+0.00%
3d avg:+0.56%
SHORT Lighter Robinhood · nowCRCL-USDG
+3.51%
3d avg:+9.67%
Entry Spread Now
+0.091%
Eaten by executionL 60.5108 · S 60.5660+$9.12 if it converges
24h range −0.88%…+0.33% · median +0.06%
Long pays every1hShort pays every1h
LONGmaker0.050%/taker0.100%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
−$17.14
−0.17%
$Avg Daily PnL
+$2.49
+0.0249%
★Best Day
+$5.28
Nov 12
◎Open Interest
QFEX$779.2K
Lighter Robinhood$1.71M⚡Funding APR
+9.10%
annualized · funding only
⚠Execution Cost
−$24.62
entry + exit fees
⏱Payback
9.9d
to break even
◧24h Volume
QFEX$1.50MLighter Robinhood$6.40MLoading 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 (−$24.62 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.