Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.5045%/8h= +552.4% APRpaid last 24h +1.297%

Price spread now: Bybit against Injective+6.678%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+4.645%+$464 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$151 a day on $10k at the current rate, and Bybit is 6.678% dearer against Injective than usual: you sell high and buy low: +$668 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective POPCAT/USDC PERP	0.05301	−0.4945	get 0.0618% / 1h	30m 47s	$3K	$2K	5.5x
Short	Bybit POPCATUSDT	0.05655	0.0100	get 0.0050% / 4h	3h 30m	$9.0M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +6.678%Rate

Funding earned: $1,059.38
Price spread: +6.678% → 0.000%: $667.8
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $1,716.16
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	2.66 bp	27.1 bp −$27	91.2 bp −$912	doesn't fit	doesn't fit

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 PERPlong	−0.4945%	1h	0.05301	long leg	$3K	$2K	5.5x
Kraken Futures PF_POPCATUSD	−0.0392%	1h	0.05674	+7.040%	$152K	$142K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05674	+7.044%	$1	—	10x	as long as short
Lighter POPCAT	+0.0096%	1h	0.05672	+6.999%	$102K	$46K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05671	+6.980%	$2.4M	$6.6M	50x	as long as short
Bybit POPCATUSDTshort	+0.0100%	4h	0.05655	+6.678%	$9.0M	$6.1M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05666	+6.885%	$707K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05672	+6.999%	$457K	$647K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05670	+6.961%	$1.8M	$946K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05674	+7.036%	$1.1M	$989K	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	0.05669	+6.942%	$1.2M	$932K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05662	+6.810%	—	$6.8M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05662	+6.812%	$514K	$165K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05660	+6.772%	$23K	$652K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05673	+7.014%	$97K	$527K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05659	+6.753%	$125K	$297K	50x	as long as short
GRVT POPCAT_USDT_Perp	+0.0442%	4h	0.05674	+7.032%	$254K	$473K	10x	as long as short
Hyperliquid POPCAT	+0.1346%	1h	0.05685	+7.246%	$2.6M	$1.0M	3x	as long as short