Funding you earn now, next payment 02:00 UTC−0.1034%/8h= −113.3% APRnext payment −$1.29 per $10,000 · paid last 24h −0.136%
Price spread now: Lighter against Hyperliquid−0.332%7-day average −0.112% · you buy dearer than you sell
Net, funding: paid 7d − costs−$64as in the Funding arb table
Net, price: spread back to 7d avg − costs−$92as in the Price arb table
costs, in and out, $10k−$700.696% of the position
Funding, last 7 days+0.054%+$5 on $10k
+Price spread, last 4 days (all we have)+0.286%+$29 · spread now −0.332%, 7d avg −0.112%
=Together, before fees+0.340%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Lighter is 0.220% cheaper against Hyperliquid than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.112%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.054%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.054% in total (about 2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.29 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid POPCAT | 0.05633 | 0.1130 | pay 0.0141% / 1h | 53m 20s | $2.6M | $979K | 3x |
| Short | Lighter POPCAT | 0.05614 | 0.0096 | get 0.0012% / 1h | 53m 20s | $101K | $46K | 10x |
Hyperliquid POPCAT
Lighter POPCATFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$217.21
- Price spread: −0.332% → −0.112%
- −$22.01
- Slippage, 4 orders
- −$60.63
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$308.86
- Costs to cover
- 0.696%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 8 min ago; Lighter: live order book, 52 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 Hyperliquid live order book, 8 min ago | 3.36 bp | 14.2 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
| Sell Lighter live order book, 52 min ago | 17.70 bp | 17.7 bp −$18 | 626.0 bp −$6,260 | 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 | −0.5000% | 1h | 0.05540 | −1.646% | $3K | $2K | 5.5x | as long as short |
| Reya POPCATRUSDPERP | −0.0228% | 1h | 0.05621 | −0.205% | $1 | — | 10x | as long as short |
| Lighter POPCATshort | +0.0096% | 1h | 0.05614 | −0.332% | $101K | $46K | 10x | |
| Binance POPCATUSDT | +0.0100% | 4h | 0.05630 | −0.045% | $2.3M | $6.8M | 50x | as long as short |
| Bybit POPCATUSDT | +0.0100% | 4h | 0.05617 | −0.279% | $8.9M | $6.2M | 50x | as long as short |
| OKX POPCAT-USDT-SWAP | +0.0100% | 4h | 0.05628 | −0.083% | $694K | $1.5M | 20x | as long as short |
| Gate POPCAT_USDT | +0.0100% | 4h | 0.05621 | −0.208% | $451K | $621K | 50x | as long as short |
| MEXC POPCAT_USDT | +0.0100% | 4h | 0.05625 | −0.137% | $1.8M | $956K | 200x | as long as short |
| KuCoin POPCATUSDTM | +0.0100% | 4h | 0.05619 | −0.243% | $1.1M | $991K | 50x | as long as short |
| Bitget POPCATUSDT | +0.0100% | 4h | 0.05617 | −0.279% | $1.2M | $936K | 50x | as long as short |
Injective POPCAT/USDC PERP
Reya POPCATRUSDPERP
Binance POPCATUSDT
Bybit POPCATUSDT
OKX POPCAT-USDT-SWAP
Gate POPCAT_USDT
MEXC POPCAT_USDT
KuCoin POPCATUSDTM
Bitget POPCATUSDTShow all 18 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX POPCAT-USDC | +0.0100% | 4h | 0.05621 | −0.208% | — | $1.6M | — | as long as short |
| Variational Omni POPCAT | +0.0100% | 4h | 0.05585 | −0.853% | $507K | $163K | — | as long as short |
| GRVT POPCAT_USDT_Perp | +0.0100% | 4h | 0.05607 | −0.455% | $253K | $473K | 10x | as long as short |
| ApeX Omni POPCATUSDT | +0.0100% | 1h | 0.05620 | −0.225% | $22K | $653K | 25x | as long as short |
| Extended POPCAT-USD | +0.0104% | 1h | 0.05618 | −0.266% | $95K | $525K | 10x | as long as short |
| BloFin POPCAT-USDT | +0.0340% | 4h | 0.05587 | −0.811% | $124K | $297K | 50x | as long as short |
| Kraken Futures PF_POPCATUSD | +0.0635% | 1h | 0.05613 | −0.358% | $149K | $144K | 20x | as long as short |
| Hyperliquid POPCATlong | +0.1130% | 1h | 0.05633 | long leg | $2.6M | $979K | 3x |
BingX POPCAT-USDC
Variational Omni POPCAT
GRVT POPCAT_USDT_Perp
ApeX Omni POPCATUSDT
Extended POPCAT-USD
BloFin POPCAT-USDT
Kraken Futures PF_POPCATUSD