Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0328%/8h= −35.9% APRpaid last 24h −0.098%

Price spread now: Reya against Bybit+0.204%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.204% dearer against Bybit than usual: you sell high and buy low (spread +0.204% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit POPCATUSDT	0.05634	0.0100	pay 0.0050% / 4h	3h 07m	$8.9M	$6.7M	50x
Short	Reya POPCATRUSDPERP	0.05646	−0.0228	pay 0.0029% / 1h	7m 20s	$1	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.204%Rate

Funding earned: −$68.94
Price spread: +0.204% → 0.000%: $20.43
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$65.5
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Bybit: live order book, 1 min ago; Reya: 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, 1 min ago	5.32 bp	22.8 bp −$23	83.7 bp −$837	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 PERP	−0.4864%	1h	0.05611	−0.408%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERPshort	−0.0228%	1h	0.05646	+0.204%	$1	—	10x
Variational Omni POPCAT	−0.0129%	4h	0.05661	+0.487%	$509K	$164K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05645	+0.195%	$101K	$56K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05651	+0.304%	$2.5M	$7.2M	50x	as long as short
Bybit POPCATUSDTlong	+0.0100%	4h	0.05634	long leg	$8.9M	$6.7M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05641	+0.124%	$693K	$1.6M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05640	+0.106%	$445K	$638K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05650	+0.284%	$1.8M	$1.0M	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05654	+0.355%	$1.1M	$986K	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	0.05649	+0.266%	$1.2M	$945K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05636	+0.035%	—	$6.8M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05651	+0.302%	$251K	$502K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05640	+0.106%	$22K	$655K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05641	+0.129%	$97K	$280K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05653	+0.337%	$130K	$329K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0509%	1h	0.05648	+0.253%	$150K	$146K	20x	as long as short
Hyperliquid POPCAT	+0.0541%	1h	0.05652	+0.321%	$2.7M	$1.1M	3x	as long as short