Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.124%

Price spread now: Lighter against Bybit+0.089%7-day average +0.169% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$830.827% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.420%+$42 on $10k

Price spread, last 4 days (all we have)+0.408%+$41 · spread now +0.089%, 7d avg +0.169%

Together, before fees+0.828%+ Points / potential airdropLighter: Season 3 · farm board+$83 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.080% cheaper against Bybit than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.169%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit POPCATUSDT	0.05628	0.0100	pay 0.0050% / 4h	1h 33m	$8.8M	$6.3M	50x
Short	Lighter POPCAT	0.05633	0.0096	get 0.0012% / 1h	33m 56s	$101K	$51K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$0.84
Price spread: +0.089% → +0.169%: −$8
Slippage, 4 orders: −$71.7
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$91.54
Costs to cover: 0.827%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 2 min ago.

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	1.79 bp	26.3 bp −$26	90.8 bp −$908	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	16.83 bp	18.1 bp −$18	472.8 bp −$4,728	doesn't fit	doesn't fit

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	−0.4257%	1h	0.05560	−1.208%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05632	+0.076%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0078%	4h	0.05610	−0.313%	$507K	$161K	—	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05633	+0.089%	$101K	$51K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05636	+0.150%	$2.3M	$6.9M	50x	as long as short
Bybit POPCATUSDTlong	+0.0100%	4h	0.05628	long leg	$8.8M	$6.3M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05633	+0.089%	$695K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05636	+0.142%	$446K	$637K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05636	+0.142%	$1.8M	$955K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05637	+0.160%	$1.1M	$987K	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	0.05636	+0.142%	$1.2M	$938K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05640	+0.213%	—	$1.6M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05620	−0.142%	$22K	$652K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05632	+0.065%	$96K	$529K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0116%	4h	0.05616	−0.207%	$251K	$495K	10x	as long as short
Kraken Futures PF_POPCATUSD	+0.0294%	1h	0.05634	+0.111%	$151K	$146K	20x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05647	+0.338%	$124K	$326K	50x	as long as short
Hyperliquid POPCAT	+0.0875%	1h	0.05642	+0.249%	$2.6M	$997K	3x	as long as short