Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0151%/8h= −16.5% APRpaid last 24h −0.263%

Price spread now: MEXC against Hyperliquid−0.009%7-day average −0.106% · you buy dearer than you sell

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

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.409%−$41 on $10k

Price spread, last 7 days−0.031%−$3 · spread now −0.009%, 7d avg −0.106%

Together, before fees−0.439%+ Points / potential airdropHyperliquid: Season 2 · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.098% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.009% now, against its 7-day average of −0.106%): +$10 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid POPCAT	0.05747	0.0251	pay 0.0031% / 1h	18m 05s	$2.7M	$1.4M	3x
Short	MEXC POPCAT_USDT	0.05746	0.0100	get 0.0050% / 4h	18m 05s	$1.9M	$1.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. 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 HyperliquidbpFee MEXCbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$31.67
Price spread: −0.009% → −0.106%: $9.75
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$34.92
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; MEXC: live order book, 4 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 Hyperliquid live order book, 3 min ago	1.75 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	6.11 bp	14.8 bp −$15	76.3 bp −$763	132.4 bp −$13.2K	267.4 bp −$133.7K

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	−0.5000%	1h	0.05683	−1.105%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05741	−0.090%	$1	—	10x	as long as short
Kraken Futures PF_POPCATUSD	−0.0161%	1h	0.05737	−0.168%	$154K	$156K	20x	as long as short
Variational Omni POPCAT	+0.0096%	4h	0.05701	−0.800%	$491K	$179K	—	as long as short
Lighter POPCAT	+0.0096%	1h	0.05737	−0.165%	$100K	$61K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05747	+0.006%	$2.6M	$8.0M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05733	−0.235%	$9.1M	$7.6M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05739	−0.131%	$698K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05744	−0.044%	$441K	$548K	50x	as long as short
MEXC POPCAT_USDTshort	+0.0100%	4h	0.05746	−0.009%	$1.9M	$1.1M	200x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin POPCATUSDTM	+0.0100%	4h	0.05745	−0.026%	$1.1M	$1.0M	50x	as long as short
Bitget POPCATUSDT	+0.0100%	4h	0.05733	−0.235%	$1.2M	$1.0M	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05740	−0.113%	—	$6.9M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05720	−0.461%	$22K	$657K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05742	−0.077%	$94K	$746K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0136%	4h	0.05723	−0.409%	$249K	$505K	10x	as long as short
Hyperliquid POPCATlong	+0.0251%	1h	0.05747	long leg	$2.7M	$1.4M	3x
BloFin POPCAT-USDT	+0.0340%	4h	0.05744	−0.044%	$134K	$349K	50x	as long as short