Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.1265%/8h= +138.5% APRpaid last 24h +0.125%

Price spread now: MEXC against Kraken Futures+0.203%7-day average +0.173% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$156as in the Price arb table

costs, in and out, $10k−$1591.589% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.477%+$48 on $10k

Price spread, last 4 days (all we have)+0.888%+$89 · spread now +0.203%, 7d avg +0.173%

Together, before fees+1.366%+$137 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and MEXC is 0.030% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.173%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.477% in total (about 24.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_POPCATUSD	0.05726	−0.1165	get 0.0146% / 1h	54m 17s	$153K	$122K	20x
Short	MEXC POPCAT_USDT	0.05738	0.0100	get 0.0050% / 4h	1h 54m	$1.8M	$968K	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpOrdersPrice spread, now +0.203%Rate

Funding earned: $265.6
Price spread: +0.203% → +0.173%: $3.01
Slippage, 4 orders: −$144.91
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $109.7
Costs to cover: 1.589%
Break-even: 4.1 days

Slippage from Kraken Futures: live order book, 56 min ago; MEXC: live order book, 5 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, 56 min ago	29.66 bp	57.7 bp −$58	17789.9 bp −$177.9K	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	4.34 bp	13.2 bp −$13	72.2 bp −$722	149.8 bp −$15.0K	273.4 bp −$136.7K

POPCAT on 18 exchanges

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
Kraken Futures PF_POPCATUSDlong	−0.1165%	1h	0.05726	long leg	$153K	$122K	20x
Reya POPCATRUSDPERP	−0.0228%	1h	0.05734	+0.140%	$1	—	10x	as long as short
Variational Omni POPCAT	+0.0028%	4h	0.05733	+0.117%	$488K	$140K	—	as long as short
Injective POPCAT/USDC PERP	+0.0033%	1h	0.05670	−0.984%	$3K	$2K	5.5x	as long as short
Lighter POPCAT	+0.0096%	1h	0.05730	+0.064%	$97K	$53K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05739	+0.225%	$2.6M	$7.2M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05728	+0.029%	$9.1M	$6.8M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05730	+0.064%	$694K	$1.6M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05734	+0.134%	$430K	$468K	50x	as long as short
MEXC POPCAT_USDTshort	+0.0100%	4h	0.05738	+0.203%	$1.8M	$968K	200x

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin POPCATUSDTM	+0.0100%	4h	0.05738	+0.203%	$1.1M	$801K	50x	as long as short
Bitget POPCATUSDT	+0.0100%	4h	0.05736	+0.168%	$1.2M	$796K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05741	+0.256%	—	$6.8M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05750	+0.413%	$22K	$661K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05730	+0.070%	$93K	$748K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0118%	4h	0.05761	+0.612%	$263K	$455K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05753	+0.465%	$132K	$297K	50x	as long as short
Hyperliquid POPCAT	+0.0527%	1h	0.05742	+0.266%	$2.7M	$1.3M	3x	as long as short