Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0409%/8h= +44.8% APRpaid last 24h −0.088%

Price spread now: Kraken Futures against Bybit+0.187%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$203as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1521.516% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.509%−$51 on $10k

Price spread, last 4 days (all we have)−1.204%−$120 · spread now +0.187%, 7d avg −0.022%

Together, before fees−1.713%−$171 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Kraken Futures is 0.209% dearer against Bybit than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.022%. Mind the row above: over the last 7 days funding on this pair cost −0.509%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit POPCATUSDT	0.05642	0.0100	pay 0.0050% / 4h	3h 06m	$8.9M	$6.7M	50x
Short	Kraken Futures PF_POPCATUSD	0.05653	0.0509	get 0.0064% / 1h	6m 14s	$151K	$146K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.187%Rate

Funding earned: $85.89
Price spread: +0.187% → −0.022%: $20.87
Slippage, 4 orders: −$130.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$44.88
Costs to cover: 1.516%
Break-even: 10.7 days

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 46 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 Bybit live order book, 2 min ago	5.32 bp	22.8 bp −$23	83.7 bp −$837	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 46 min ago	26.50 bp	53.2 bp −$53	doesn't fit	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	0.05611	−0.549%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05650	+0.142%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0129%	4h	0.05661	+0.345%	$509K	$164K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05649	+0.124%	$101K	$56K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05655	+0.224%	$2.5M	$7.2M	50x	as long as short
Bybit POPCATUSDTlong	+0.0100%	4h	0.05642	long leg	$8.9M	$6.7M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05648	+0.106%	$694K	$1.6M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05640	−0.035%	$445K	$638K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05656	+0.248%	$1.8M	$1.0M	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05652	+0.177%	$1.1M	$987K	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	0.05652	+0.177%	$1.2M	$945K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05641	−0.018%	—	$1.6M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05651	+0.160%	$251K	$502K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05640	−0.035%	$22K	$655K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05650	+0.138%	$101K	$290K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05653	+0.195%	$130K	$329K	50x	as long as short
Kraken Futures PF_POPCATUSDshort	+0.0509%	1h	0.05653	+0.187%	$151K	$146K	20x
Hyperliquid POPCAT	+0.0527%	1h	0.05656	+0.250%	$2.7M	$1.1M	3x	as long as short