Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0951%/8h= +104.2% APRpaid last 24h +0.269%

Price spread now: Hyperliquid against Bybit+0.246%7-day average +0.261% · you sell dearer than you buy

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

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.366%+$37 on $10k

Price spread, last 7 days−0.021%−$2 · spread now +0.246%, 7d avg +0.261%

Together, before fees+0.345%+ Points / potential airdropHyperliquid: Season 2 · farm board+$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.261%, so right now this pair is about funding alone: +$29 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.366% in total (about 19.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit POPCATUSDT	0.05564	0.0100	pay 0.0050% / 4h	2h 20m	$8.8M	$6.3M	50x
Short	Hyperliquid POPCAT	0.05578	0.1051	get 0.0131% / 1h	20m 12s	$2.6M	$999K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.246%Rate

Funding earned: $199.77
Price spread: +0.246% → +0.261%: −$1.47
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $178.3
Costs to cover: 0.200%
Break-even: 0.8 days

Slippage unknown: Bybit: live order book, 3 min ago; Hyperliquid: live order book, 1 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 Bybit live order book, 3 min ago	0.90 bp	22.5 bp −$23	85.2 bp −$852	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	2.60 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit

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	−0.719%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05567	+0.055%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0045%	4h	0.05572	+0.152%	$506K	$162K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05566	+0.036%	$100K	$52K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05573	+0.161%	$2.3M	$6.8M	50x	as long as short
Bybit POPCATUSDTlong	+0.0100%	4h	0.05564	long leg	$8.8M	$6.3M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05568	+0.072%	$688K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05570	+0.108%	$444K	$636K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05570	+0.108%	$1.8M	$970K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05570	+0.108%	$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	0.05570	+0.108%	$1.2M	$939K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05568	+0.072%	—	$1.6M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05602	+0.683%	$251K	$486K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05600	+0.647%	$22K	$658K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05566	+0.036%	$98K	$524K	10x	as long as short
Kraken Futures PF_POPCATUSD	+0.0640%	1h	0.05565	+0.024%	$149K	$149K	20x	as long as short
Hyperliquid POPCATshort	+0.1051%	1h	0.05578	+0.246%	$2.6M	$999K	3x