Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.164%

Price spread now: Lighter against GRVT+0.015%7-day average −0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1141.137% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.272%+$27 on $10k

Price spread, last 3 days (all we have)−0.530%−$53 · spread now +0.015%, 7d avg −0.087%

Together, before fees−0.259%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$26 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 0.102% dearer against GRVT than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.087%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT POPCAT_USDT_Perp	0.05498	0.0100	pay 0.0050% / 4h	2h 27m	$244K	$489K	10x
Short	Lighter POPCAT	0.05499	0.0096	get 0.0012% / 1h	27m 12s	$100K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$0.84
Price spread: +0.015% → −0.087%: $10.2
Slippage, 4 orders: −$104.7
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$104.34
Costs to cover: 1.137%
Break-even: never at this rate

Slippage from GRVT: live order book, 60 min ago; Lighter: live order book, 54 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 GRVT live order book, 60 min ago	4.51 bp	45.5 bp −$45	94.1 bp −$941	doesn't fit	doesn't fit
Sell Lighter live order book, 54 min ago	14.50 bp	14.5 bp −$15	442.2 bp −$4,422	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	−0.4569%	1h	0.05428	−1.276%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.1068%	1h	0.05487	−0.202%	$140K	$114K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05500	+0.025%	$1	—	10x	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05499	+0.015%	$100K	$45K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05505	+0.118%	$2.3M	$6.3M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05493	−0.094%	$8.8M	$5.8M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05502	+0.069%	$676K	$1.4M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05499	+0.015%	$417K	$673K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05503	+0.088%	$1.9M	$918K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05496	−0.040%	$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	0.05495	−0.058%	$1.2M	$884K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05502	+0.069%	—	$1.6M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05484	−0.253%	$502K	$174K	—	as long as short
GRVT POPCAT_USDT_Perplong	+0.0100%	4h	0.05498	long leg	$244K	$489K	10x
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05490	−0.149%	$22K	$644K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05501	+0.044%	$97K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05501	+0.051%	$124K	$284K	50x	as long as short
Hyperliquid POPCAT	+0.1434%	1h	0.05516	+0.330%	$2.5M	$1.1M	3x	as long as short