Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0328%/8h= −35.9% APRpaid last 24h −0.099%

Price spread now: Reya against Binance−0.063%55s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Reya is 0.063% cheaper against Binance than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance POPCATUSDT	0.05517	0.0100	pay 0.0050% / 4h	2h 20m	$2.3M	$6.3M	50x
Short	Reya POPCATRUSDPERP	0.05514	−0.0228	pay 0.0029% / 1h	20m 37s	$1	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BinancebpFee ReyabpOrdersPrice spread, now −0.063%Rate

Funding earned: −$68.94
Price spread: −0.063% → 0.000%: −$6.34
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$91.27
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 3 min ago; Reya: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Binance live order book, 3 min ago	2.72 bp	32.3 bp −$32	112.6 bp −$1,126	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

POPCAT on 18 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective POPCAT/USDC PERP	−0.4569%	1h	0.05454	−1.146%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.1064%	1h	0.05508	−0.172%	$140K	$114K	20x	as long as short
Reya POPCATRUSDPERPshort	−0.0228%	1h	0.05514	−0.063%	$1	—	10x
Lighter POPCAT	+0.0096%	1h	0.05515	−0.040%	$100K	$45K	10x	as long as short
Binance POPCATUSDTlong	+0.0100%	4h	0.05517	long leg	$2.3M	$6.3M	50x
Bybit POPCATUSDT	+0.0100%	4h	0.05506	−0.204%	$8.8M	$5.8M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05512	−0.095%	$677K	$1.4M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05507	−0.185%	$418K	$673K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05516	−0.022%	$1.9M	$920K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05514	−0.059%	$1.1M	$992K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget POPCATUSDT	+0.0100%	4h	0.05505	−0.222%	$1.2M	$884K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05510	−0.131%	—	$6.8M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05506	−0.198%	$502K	$174K	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05518	+0.009%	$245K	$489K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05500	−0.312%	$22K	$645K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05514	−0.062%	$97K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05511	−0.113%	$123K	$285K	50x	as long as short
Hyperliquid POPCAT	+0.1411%	1h	0.05526	+0.159%	$2.6M	$1.1M	3x	as long as short