Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.152%

Price spread now: Lighter against Bybit+0.126%7-day average +0.170% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$850.847% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.420%+$42 on $10k

Price spread, last 4 days (all we have)+0.371%+$37 · spread now +0.126%, 7d avg +0.170%

Together, before fees+0.791%+ Points / potential airdropLighter: Season 3 · farm board+$79 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 0.044% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.170%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit POPCATUSDT	0.05557	0.0100	pay 0.0050% / 4h	3h 30m	$8.9M	$5.8M	50x
Short	Lighter POPCAT	0.05564	0.0096	get 0.0012% / 1h	30m 41s	$101K	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.126%Rate

Funding earned: −$0.84
Price spread: +0.126% → +0.170%: −$4.43
Slippage, 4 orders: −$73.67
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$89.95
Costs to cover: 0.847%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 6 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, 3 min ago	0.90 bp	24.1 bp −$24	85.9 bp −$859	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	18.89 bp	18.9 bp −$19	481.9 bp −$4,819	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	−0.4497%	1h	0.05476	−1.458%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05565	+0.143%	$1	—	10x	as long as short
Kraken Futures PF_POPCATUSD	+0.0046%	1h	0.05556	−0.013%	$142K	$117K	20x	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05564	+0.126%	$101K	$46K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05566	+0.162%	$2.4M	$6.2M	50x	as long as short
Bybit POPCATUSDTlong	+0.0100%	4h	0.05557	long leg	$8.9M	$5.8M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05560	+0.054%	$684K	$1.4M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05561	+0.072%	$423K	$673K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05565	+0.144%	$2.0M	$906K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05564	+0.126%	$1.1M	$994K	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	0.05564	+0.126%	$1.2M	$869K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05560	+0.054%	—	$6.8M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05541	−0.295%	$509K	$172K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05550	−0.126%	$23K	$637K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05564	+0.127%	$98K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05564	+0.126%	$128K	$278K	50x	as long as short
GRVT POPCAT_USDT_Perp	+0.0640%	4h	0.05568	+0.194%	$249K	$498K	10x	as long as short
Hyperliquid POPCAT	+0.1031%	1h	0.05575	+0.317%	$2.6M	$1.0M	3x	as long as short