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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 ~23d
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+1.85%
7d Period Avg−0.40%
swing±44.66%
LONG Pionex · nowCRCLX_USDT_PERP
+1.65%
7d avg:+6.45%
SHORT Lighter · now
+3.51%
7d avg:+6.05%
Entry Spread Now
−0.035%
Eaten by executionL 60.4530 · S 60.4320−$3.48 if it converges
24h range −0.39%…+0.25% · median −0.10%
Long pays every8hShort pays every1h
LONGmaker0.020%/taker0.050%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
−$12.09
−0.12%
$Avg Daily PnL
−$0.06
−0.0006%
★Best Day
+$7.43
Nov 9
◎Open Interest
Pionex$1.61M
Lighter$1.26M⚡Funding APR
−0.23%
annualized · funding only
⚠Execution Cost
−$11.65
entry + exit fees
⏱Payback
never
to break even
◧24h Volume
Pionex$1.06MLighter$4.61MLoading 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 (−$11.65 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.