Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.084%

Price spread now: OKX against Lighter−0.139%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$151as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1091.092% of the position

Long on Lighter Short on OKX

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)+0.032%+$3 · spread now −0.139%, 7d avg −0.068%

Together, before fees−0.388%+ Points / potential airdropLighter: Season 3 · farm board−$39 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: OKX is 0.070% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter POPCAT	0.05776	0.0096	pay 0.0012% / 1h	37m 55s	$103K	$59K	10x
Short	OKX POPCAT-USDT-SWAP	0.05768	0.0100	get 0.0050% / 4h	37m 55s	$702K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.139%Rate

Funding earned: $0.84
Price spread: −0.139% → −0.068%: −$7.01
Slippage, 4 orders: −$99.2
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$115.37
Costs to cover: 1.092%
Break-even: 968.4 days

Slippage from Lighter: live order book, 28 min ago; OKX: 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 Lighter live order book, 28 min ago	12.11 bp	12.1 bp −$12	77.1 bp −$771	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	6.06 bp	45.6 bp −$46	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	−0.5000%	1h	0.05683	−1.610%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05779	+0.044%	$1	—	10x	as long as short
Kraken Futures PF_POPCATUSD	−0.0160%	1h	0.05763	−0.220%	$155K	$158K	20x	as long as short
Variational Omni POPCAT	+0.0082%	4h	0.05766	−0.175%	$496K	$181K	—	as long as short
Lighter POPCATlong	+0.0096%	1h	0.05776	long leg	$103K	$59K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05775	−0.025%	$2.6M	$8.0M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05760	−0.277%	$9.2M	$7.6M	50x	as long as short
OKX POPCAT-USDT-SWAPshort	+0.0100%	4h	0.05768	−0.139%	$702K	$1.7M	20x
Gate POPCAT_USDT	+0.0100%	4h	0.05776	0.000%	$443K	$546K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05773	−0.052%	$1.9M	$1.1M	200x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin POPCATUSDTM	+0.0100%	4h	0.05773	−0.052%	$1.2M	$1.0M	50x	as long as short
Bitget POPCATUSDT	+0.0100%	4h	0.05772	−0.069%	$1.2M	$1.0M	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05766	−0.173%	—	$1.6M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05790	+0.242%	$23K	$658K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05768	−0.130%	$95K	$579K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0194%	4h	0.05788	+0.208%	$252K	$515K	10x	as long as short
Hyperliquid POPCAT	+0.0308%	1h	0.05773	−0.050%	$2.7M	$1.4M	3x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05775	−0.017%	$132K	$366K	50x	as long as short