So... is Carnival Phantasm finished or not?
YES, it is finished.
Why?
The anime finished after the manga:
Anime finished: December 31, 2011
Manga finished: September 24, 2005
MangaUpdates contains information about the anime adaptation and indicates that it is complete.
Watching Order (by release date)
Here you have all the anime relations we detected ordered by release date, so you can see the reason for this status in context and also use it as watching order.
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Synopsis
Carnival Phantasm throws characters from different Type-Moon universes into a brand new, wacky dimension.
Every ten years, this "Carnival Moment" allows these characters, who normally wouldn't meet, to interact and even have a chance to make their dreams come true.
However, wish fulfillment isn't easy. They must participate in various contests, and the goal is simple: win at all costs!
Expect humorous and ridiculous situations as characters find themselves in scenarios that poke fun at their own serious storylines. It's a comedic free-for-all where anything can happen.