Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0293%/8h= −32.1% APRpaid last 24h +0.089%

Price spread now: Bybit against Kraken Futures+0.033%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$145as in the Price arb table

costs, in and out, $10k−$1461.459% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.493%+$49 on $10k

Price spread, last 4 days (all we have)+0.754%+$75 · spread now +0.033%, 7d avg +0.023%

Together, before fees+1.248%+$125 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.493%, 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	0.05727	0.0393	pay 0.0049% / 1h	33m 41s	$152K	$155K	20x
Short	Bybit POPCATUSDT	0.05729	0.0100	get 0.0050% / 4h	1h 33m	$9.1M	$7.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$61.58
Price spread: +0.033% → +0.023%: $1.07
Slippage, 4 orders: −$124.94
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$206.44
Costs to cover: 1.459%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 9 min ago; Bybit: live order book, 4 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, 9 min ago	25.32 bp	50.4 bp −$50	19042.3 bp −$190.4K	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.49 bp	20.0 bp −$20	86.3 bp −$863	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	−0.4288%	1h	0.05642	−1.486%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05721	−0.105%	$1	—	10x	as long as short
Variational Omni POPCAT	+0.0007%	4h	0.05714	−0.220%	$485K	$174K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05733	+0.103%	$102K	$57K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05738	+0.190%	$2.5M	$7.8M	50x	as long as short
Bybit POPCATUSDTshort	+0.0100%	4h	0.05729	+0.033%	$9.1M	$7.2M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05741	+0.243%	$694K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05724	−0.054%	$444K	$571K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05737	+0.173%	$1.9M	$1.0M	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05733	+0.103%	$1.1M	$1.0M	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	0.05747	+0.348%	$1.2M	$1.0M	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05733	+0.103%	—	$1.6M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05740	+0.225%	$22K	$656K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05745	+0.319%	$95K	$376K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0244%	4h	0.05741	+0.243%	$249K	$511K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05720	−0.124%	$131K	$357K	50x	as long as short
Kraken Futures PF_POPCATUSDlong	+0.0393%	1h	0.05727	long leg	$152K	$155K	20x
Hyperliquid POPCAT	+0.0596%	1h	0.05741	+0.248%	$2.7M	$1.4M	3x	as long as short