Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.4347%/8h= −476.0% APRpaid last 24h −1.323%

Price spread now: Injective against Bybit−0.754%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−4.823%−$482 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$130 a day on $10k at the current rate, and Injective is 0.754% cheaper against Bybit than usual: you would sell low and buy high (−$75 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit POPCATUSDT	0.05572	0.0100	pay 0.0050% / 4h	48m 41s	$8.8M	$6.4M	50x
Short	Injective POPCAT/USDC PERP	0.05530	−0.4247	pay 0.0531% / 1h	48m 41s	$3K	$2K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.754%Rate

Funding earned: −$912.88
Price spread: −0.754% → 0.000%: −$75.38
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$999.28
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Injective: 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 Bybit live order book, 4 min ago	2.67 bp	21.6 bp −$22	84.5 bp −$845	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4247%	1h	0.05530	−0.754%	$3K	$2K	5.5x
Reya POPCATRUSDPERP	−0.0228%	1h	0.05581	+0.163%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0114%	4h	0.05587	+0.270%	$505K	$163K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05584	+0.215%	$100K	$51K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05586	+0.250%	$2.3M	$6.9M	50x	as long as short
Bybit POPCATUSDTlong	+0.0100%	4h	0.05572	long leg	$8.8M	$6.4M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05583	+0.197%	$691K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05580	+0.144%	$442K	$635K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05584	+0.215%	$1.8M	$958K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05589	+0.305%	$1.1M	$982K	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	0.05584	+0.215%	$1.2M	$938K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05580	+0.144%	—	$6.7M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05610	+0.682%	$22K	$651K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05582	+0.188%	$95K	$530K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0156%	4h	0.05627	+0.987%	$249K	$493K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05584	+0.215%	$125K	$323K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0580%	1h	0.05584	+0.207%	$149K	$146K	20x	as long as short
Hyperliquid POPCAT	+0.1375%	1h	0.05594	+0.402%	$2.6M	$1.0M	3x	as long as short