Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.098%

Price spread now: Bybit against Reya−0.225%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Bybit is 0.225% cheaper against Reya than usual: you would sell low and buy high (spread −0.225% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 2.3 days of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya POPCATRUSDPERP	0.05608	−0.0228	get 0.0029% / 1h	26m 12s	$1	—	10x
Short	Bybit POPCATUSDT	0.05595	0.0100	get 0.0050% / 4h	2h 26m	$8.8M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now −0.225%Rate

Funding earned: $68.94
Price spread: −0.225% → 0.000%: −$22.5
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $29.44
Costs to cover: 0.170%
Break-even: 4.0 days

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 2 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	2.68 bp	20.9 bp −$21	92.1 bp −$921	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

POPCAT on 17 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	0.05524	−1.491%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERPlong	−0.0228%	1h	0.05608	long leg	$1	—	10x
Variational Omni POPCAT	−0.0028%	4h	0.05595	−0.233%	$507K	$162K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05609	+0.025%	$101K	$52K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05609	+0.025%	$2.3M	$6.8M	50x	as long as short
Bybit POPCATUSDTshort	+0.0100%	4h	0.05595	−0.225%	$8.8M	$6.3M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05605	−0.047%	$693K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05603	−0.082%	$446K	$636K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05612	+0.078%	$1.8M	$970K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05609	+0.025%	$1.1M	$990K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget POPCATUSDT	+0.0100%	4h	0.05609	+0.025%	$1.2M	$941K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05602	−0.100%	—	$6.8M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05614	+0.120%	$251K	$494K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05620	+0.221%	$22K	$657K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05606	−0.035%	$98K	$524K	10x	as long as short
Kraken Futures PF_POPCATUSD	+0.0635%	1h	0.05609	+0.025%	$149K	$147K	20x	as long as short
Hyperliquid POPCAT	+0.1102%	1h	0.05618	+0.176%	$2.6M	$996K	3x	as long as short