Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.063%

Price spread now: GRVT against Lighter−0.087%7-day average +0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$183as in the Funding arb table

Net, price: spread back to 7d avg − costs−$182as in the Price arb table

costs, in and out, $10k−$1651.652% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.180%−$18 on $10k

Price spread, last 4 days (all we have)+0.311%+$31 · spread now −0.087%, 7d avg +0.084%

Together, before fees+0.131%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$13 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: GRVT is 0.171% cheaper against Lighter than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter POPCAT	0.05711	0.0096	pay 0.0012% / 1h	31m 03s	$102K	$56K	10x
Short	GRVT POPCAT_USDT_Perp	0.05706	0.0100	get 0.0050% / 4h	3h 31m	$254K	$502K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.087%Rate

Funding earned: $0.84
Price spread: −0.087% → +0.084%: −$17.11
Slippage, 4 orders: −$156.24
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$181.51
Costs to cover: 1.652%
Break-even: 1519.6 days

Slippage from Lighter: live order book, 59 min ago; GRVT: live order book, 22 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, 59 min ago	16.80 bp	16.8 bp −$17	92.4 bp −$924	doesn't fit	doesn't fit
Sell GRVT live order book, 22 min ago	3.52 bp	108.8 bp −$109	doesn't fit	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	−0.4864%	1h	0.05579	−2.311%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05705	−0.109%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0075%	4h	0.05695	−0.280%	$513K	$164K	—	as long as short
Lighter POPCATlong	+0.0096%	1h	0.05711	long leg	$102K	$56K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05715	+0.068%	$2.5M	$7.2M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05700	−0.193%	$9.0M	$6.6M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05706	−0.088%	$701K	$1.6M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05710	−0.018%	$447K	$633K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05714	+0.053%	$1.8M	$992K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05702	−0.158%	$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	0.05711	0.000%	$1.2M	$942K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05707	−0.070%	—	$6.7M	—	as long as short
GRVT POPCAT_USDT_Perpshort	+0.0100%	4h	0.05706	−0.087%	$254K	$502K	10x
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05700	−0.193%	$22K	$654K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05708	−0.051%	$98K	$526K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05696	−0.263%	$130K	$331K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0504%	1h	0.05708	−0.057%	$153K	$147K	20x	as long as short
Hyperliquid POPCAT	+0.0608%	1h	0.05717	+0.096%	$2.7M	$1.0M	3x	as long as short