Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.148%

Price spread now: Lighter against BingX+0.036%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$730.734% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.418%+$42 on $10k

Price spread, last 4 days (all we have)+0.316%+$32 · spread now +0.036%, 7d avg +0.100%

Together, before fees+0.734%+ Points / potential airdropLighter: Season 3 · farm board+$73 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 0.064% cheaper against BingX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.100%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX POPCAT-USDT	0.05490	0.0100	pay 0.0050% / 4h	1h 49m	—	$6.8M	—
Short	Lighter POPCAT	0.05492	0.0096	get 0.0012% / 1h	49m 05s	$100K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$0.84
Price spread: +0.036% → +0.100%: −$6.38
Slippage, 4 orders: −$63.41
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$80.63
Costs to cover: 0.734%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Lighter: live order book, 24 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 BingX live order book, 4 min ago	4.55 bp	25.5 bp −$26	62.9 bp −$629	564.3 bp −$56.4K	819.6 bp −$409.8K
Sell Lighter live order book, 24 min ago	10.02 bp	11.3 bp −$11	392.8 bp −$3,928	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	−0.3374%	1h	0.05417	−1.330%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.0932%	1h	0.05482	−0.140%	$140K	$114K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05494	+0.080%	$1	—	10x	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05492	+0.036%	$100K	$45K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05495	+0.091%	$2.3M	$6.3M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05487	−0.055%	$8.8M	$5.8M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05495	+0.091%	$675K	$1.4M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05487	−0.055%	$416K	$649K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05494	+0.073%	$1.9M	$919K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05492	+0.036%	$1.1M	$996K	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	0.05489	−0.018%	$1.1M	$885K	50x	as long as short
BingX POPCAT-USDTlong	+0.0100%	4h	0.05490	long leg	—	$6.8M	—
Variational Omni POPCAT	+0.0100%	4h	0.05487	−0.063%	$504K	$175K	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05502	+0.219%	$244K	$480K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05500	+0.182%	$22K	$646K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05493	+0.062%	$97K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05499	+0.164%	$123K	$284K	50x	as long as short
Hyperliquid POPCAT	+0.0914%	1h	0.05503	+0.230%	$2.5M	$1.1M	3x	as long as short