Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.5100%/8h= −558.5% APRpaid last 24h −1.343%

Price spread now: Injective against Bybit−1.337%98s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−5.043%−$504 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$153 a day on $10k at the current rate, and Injective is 1.337% cheaper against Bybit than usual: you would sell low and buy high (−$134 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 98 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit POPCATUSDT	0.05760	0.0100	pay 0.0050% / 4h	37m 38s	$9.2M	$7.6M	50x
Short	Injective POPCAT/USDC PERP	0.05683	−0.5000	pay 0.0625% / 1h	37m 38s	$3K	$2K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −1.337%Rate

Funding earned: −$1,071
Price spread: −1.337% → 0.000%: −$133.68
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,215.7
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Injective: no order-book sample. 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, 5 min ago	2.61 bp	20.0 bp −$20	58.4 bp −$584	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 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 PERPshort	−0.5000%	1h	0.05683	−1.337%	$3K	$2K	5.5x
Reya POPCATRUSDPERP	−0.0228%	1h	0.05779	+0.322%	$1	—	10x	as long as short
Kraken Futures PF_POPCATUSD	−0.0160%	1h	0.05763	+0.057%	$155K	$158K	20x	as long as short
Variational Omni POPCAT	+0.0082%	4h	0.05766	+0.102%	$496K	$181K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05769	+0.156%	$102K	$59K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05770	+0.182%	$2.6M	$8.0M	50x	as long as short
Bybit POPCATUSDTlong	+0.0100%	4h	0.05760	long leg	$9.2M	$7.6M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05766	+0.104%	$702K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05776	+0.278%	$443K	$546K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05772	+0.208%	$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	+0.226%	$1.2M	$1.0M	50x	as long as short
Bitget POPCATUSDT	+0.0100%	4h	0.05772	+0.208%	$1.2M	$1.0M	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05767	+0.122%	—	$6.9M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05790	+0.521%	$23K	$658K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05768	+0.139%	$95K	$592K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0194%	4h	0.05788	+0.486%	$252K	$515K	10x	as long as short
Hyperliquid POPCAT	+0.0308%	1h	0.05773	+0.227%	$2.7M	$1.4M	3x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05775	+0.260%	$132K	$366K	50x	as long as short