Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.091%

Price spread now: BingX against Lighter+0.070%7-day average −0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$218as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1761.760% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.420%−$42 on $10k

Price spread, last 4 days (all we have)−0.235%−$24 · spread now +0.070%, 7d avg −0.098%

Together, before fees−0.655%+ Points / potential airdropLighter: Season 3 · farm board−$65 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.168% dearer against Lighter than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter POPCAT	0.05722	0.0096	pay 0.0012% / 1h	35m 45s	$102K	$57K	10x
Short	BingX POPCAT-USDC	0.05726	0.0100	get 0.0050% / 4h	1h 35m	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now +0.070%Rate

Funding earned: $0.84
Price spread: +0.070% → −0.098%: $16.8
Slippage, 4 orders: −$165.96
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$158.31
Costs to cover: 1.760%
Break-even: 1326.3 days

Slippage from Lighter: live order book, 35 min ago; BingX: 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 Lighter live order book, 35 min ago	18.39 bp	18.4 bp −$18	102.9 bp −$1,029	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	13.10 bp	64.5 bp −$64	349.8 bp −$3,498	612.0 bp −$61.2K	1055.9 bp −$528.0K

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	−1.398%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05719	−0.046%	$1	—	10x	as long as short
Variational Omni POPCAT	+0.0007%	4h	0.05714	−0.131%	$485K	$174K	—	as long as short
Lighter POPCATlong	+0.0096%	1h	0.05722	long leg	$102K	$57K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05727	+0.093%	$2.5M	$7.8M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05724	+0.035%	$9.0M	$7.2M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05719	−0.052%	$692K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05736	+0.245%	$445K	$571K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05724	+0.035%	$1.9M	$1.0M	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05731	+0.157%	$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	0.05724	+0.035%	$1.2M	$1.0M	50x	as long as short
BingX POPCAT-USDCshort	+0.0100%	4h	0.05726	+0.070%	—	$1.6M	—
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05730	+0.140%	$22K	$656K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05721	−0.011%	$95K	$380K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0230%	4h	0.05739	+0.297%	$249K	$511K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05735	+0.227%	$131K	$358K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0394%	1h	0.05713	−0.150%	$152K	$155K	20x	as long as short
Hyperliquid POPCAT	+0.0589%	1h	0.05730	+0.136%	$2.7M	$1.4M	3x	as long as short