POPCAT

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1029%/8h= +112.6% APRnext payment +$1.29 per $10,000 · paid last 24h +0.160%

Price spread now: Lighter against Kraken Futures+0.280%7-day average +0.178% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1341.338% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.909%+$91 on $10k

Price spread, last 3 days (all we have)+1.393%+$139 · spread now +0.280%, 7d avg +0.178%

Together, before fees+2.302%+ Points / potential airdropLighter: Season 3 · farm board+$230 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Lighter is 0.102% dearer against Kraken Futures than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.178%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_POPCATUSD	0.05480	−0.0933	get 0.0117% / 1h	17m 44s	$143K	$118K	20x
Short	Lighter POPCAT	0.05495	0.0096	get 0.0012% / 1h	17m 44s	$100K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.280%Rate

Funding earned: $216.03
Price spread: +0.280% → +0.178%: $10.18
Slippage, 4 orders: −$123.85
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $92.36
Costs to cover: 1.338%
Break-even: 4.0 days

Slippage from Kraken Futures: live order book, 64 min ago; Lighter: live order book, 55 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, 64 min ago	25.41 bp	48.4 bp −$48	7334.1 bp −$73.3K	doesn't fit	doesn't fit
Sell Lighter live order book, 55 min ago	10.02 bp	11.3 bp −$11	392.8 bp −$3,928	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	−0.3374%	1h	0.05443	−0.669%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSDlong	−0.0933%	1h	0.05480	long leg	$143K	$118K	20x
Reya POPCATRUSDPERP	−0.0228%	1h	0.05496	+0.295%	$1	—	10x	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05495	+0.280%	$100K	$45K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05496	+0.298%	$2.3M	$6.3M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05487	+0.134%	$8.8M	$5.9M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05493	+0.244%	$682K	$1.4M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05489	+0.171%	$432K	$674K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05499	+0.353%	$1.9M	$926K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05498	+0.335%	$1.1M	$996K	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	0.05494	+0.262%	$1.1M	$893K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05494	+0.262%	—	$1.6M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05488	+0.158%	$504K	$174K	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05505	+0.455%	$243K	$468K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05500	+0.371%	$22K	$645K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05494	+0.270%	$97K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05504	+0.444%	$123K	$283K	50x	as long as short
Hyperliquid POPCAT	+0.0834%	1h	0.05507	+0.503%	$2.5M	$1.1M	3x	as long as short