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 +0.105%

Price spread now: Lighter against MEXC−0.035%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$690.686% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.419%+$42 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.035%, 7d avg +0.020%

Together, before fees+0.551%+ Points / potential airdropLighter: Season 3 · farm board+$55 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: Lighter is 0.055% cheaper against MEXC than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC POPCAT_USDT	0.05699	0.0100	pay 0.0050% / 4h	3h 29m	$1.8M	$992K	200x
Short	Lighter POPCAT	0.05697	0.0096	get 0.0012% / 1h	29m 13s	$102K	$56K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$0.84
Price spread: −0.035% → +0.020%: −$5.5
Slippage, 4 orders: −$64.6
Fee MEXC: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$74.94
Costs to cover: 0.686%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Lighter: live order book, 61 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 MEXC live order book, 2 min ago	8.75 bp	18.1 bp −$18	62.1 bp −$621	122.4 bp −$12.2K	257.8 bp −$128.9K
Sell Lighter live order book, 61 min ago	16.80 bp	16.8 bp −$17	520.6 bp −$5,206	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	0.05632	−1.176%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05701	+0.034%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0075%	4h	0.05695	−0.070%	$513K	$164K	—	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05697	−0.035%	$102K	$56K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05695	−0.070%	$2.5M	$7.2M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05685	−0.246%	$9.0M	$6.6M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05693	−0.105%	$701K	$1.6M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05691	−0.140%	$446K	$633K	50x	as long as short
MEXC POPCAT_USDTlong	+0.0100%	4h	0.05699	long leg	$1.8M	$992K	200x
KuCoin POPCATUSDTM	+0.0100%	4h	0.05705	+0.105%	$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	0.05691	−0.140%	$1.2M	$942K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05688	−0.193%	—	$1.6M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05720	+0.366%	$255K	$502K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05710	+0.193%	$22K	$654K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05700	+0.010%	$98K	$526K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05709	+0.175%	$130K	$332K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0505%	1h	0.05696	−0.061%	$152K	$147K	20x	as long as short
Hyperliquid POPCAT	+0.0588%	1h	0.05698	−0.021%	$2.7M	$1.0M	3x	as long as short