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updated —CRCL Funding Arbitrage Backtester
Size per leg$
R-trip cost
on +$10000.00 per leg · +$20000.00 turnover
⚠Slippage not modeled — actual cost may differ
Funding ArbitrageLooking at price convergence? → /price-pair
Current Net APR · Snapshot
+3.51%
7d Period Avg+6.03%
swing±37.52%
LONG Variational · now
+0.00%
7d avg:+0.04%
SHORT Lighter · now
+3.51%
7d avg:+6.07%
Entry Spread Now
−0.009%
NeutralL 60.4212 · S 60.4160
24h range −0.56%…+0.99% · median −0.03%
Long pays every8hShort pays every1h
LONGmaker0%/taker0%SHORTmaker0%/taker0%
Loading Funding History…
↗Total PnL
+$10.61
+0.11%
$Avg Daily PnL
+$1.52
+0.0152%
★Best Day
+$4.16
Nov 8
◎Open Interest
Variational$1.21M
Lighter$1.30M⚡Funding APR
+5.53%
annualized · funding only
⚠Execution Cost
+$0.00
entry + exit fees
⏱Payback
never
to break even
◧24h Volume
Variational$651.1KLighter$4.80MLoading 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 (+$0.00 for size $10,000). Slippage scales nonlinearly with position size — try a larger size to see thin upper levels run out.