Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0478%/8h= −52.3% APRpaid last 24h +0.090%

Price spread now: Binance against Kraken Futures+0.046%7-day average +0.175% · you sell dearer than you buy

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs−$190as in the Price arb table

costs, in and out, $10k−$1771.775% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.519%+$52 on $10k

Price spread, last 4 days (all we have)+1.085%+$109 · spread now +0.046%, 7d avg +0.175%

Together, before fees+1.604%+$160 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Binance is 0.129% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.175%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.519%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_POPCATUSD	0.05605	0.0578	pay 0.0072% / 1h	43m 06s	$150K	$145K	20x
Short	Binance POPCATUSDT	0.05608	0.0100	get 0.0050% / 4h	43m 06s	$2.4M	$6.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.046%Rate

Funding earned: −$100.38
Price spread: +0.046% → +0.175%: −$12.9
Slippage, 4 orders: −$157.5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$290.77
Costs to cover: 1.775%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 14 min ago; Binance: live order book, 11 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 Kraken Futures live order book, 14 min ago	22.38 bp	65.2 bp −$65	19736.3 bp −$197.4K	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	2.67 bp	24.4 bp −$24	83.0 bp −$830	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	−0.4247%	1h	0.05526	−1.417%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05610	+0.082%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0111%	4h	0.05584	−0.383%	$505K	$163K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05608	+0.046%	$101K	$51K	10x	as long as short
Binance POPCATUSDTshort	+0.0100%	4h	0.05608	+0.046%	$2.4M	$6.9M	50x
Bybit POPCATUSDT	+0.0100%	4h	0.05603	−0.043%	$8.8M	$6.4M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05604	−0.025%	$694K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05610	+0.082%	$444K	$635K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05611	+0.100%	$1.8M	$959K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05608	+0.046%	$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	0.05612	+0.117%	$1.2M	$939K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05603	−0.043%	—	$6.7M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05590	−0.275%	$22K	$653K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05606	+0.011%	$95K	$530K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0136%	4h	0.05605	−0.008%	$247K	$502K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05599	−0.114%	$126K	$324K	50x	as long as short
Kraken Futures PF_POPCATUSDlong	+0.0578%	1h	0.05605	long leg	$150K	$145K	20x
Hyperliquid POPCAT	+0.1318%	1h	0.05618	+0.225%	$2.6M	$1.0M	3x	as long as short