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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 ~4.8d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+3.51%
3d Period Avg+5.21%
swing±34.10%
LONG Variational · now
+0.00%
3d avg:+3.76%
SHORT Lighter Robinhood · nowCRCL-USDG
+3.51%
3d avg:+8.97%
Entry Spread Now
−0.023%
Eaten by executionL 60.5799 · S 60.5660−$2.29 if it converges
24h range −0.36%…+0.64% · median +0.00%
Long pays every8hShort pays every1h
LONGmaker0%/taker0%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
+$0.40
+0.00%
$Avg Daily PnL
+$1.67
+0.0167%
★Best Day
+$4.79
Nov 12
◎Open Interest
Variational$1.19M
Lighter Robinhood$1.71M⚡Funding APR
+6.11%
annualized · funding only
⚠Execution Cost
−$4.62
entry + exit fees
⏱Payback
2.8d
to break even
◧24h Volume
Variational$651.3KLighter 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 (−$4.62 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.