Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h −0.023%

Price spread now: Bybit against Kraken Futures+0.079%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1411.407% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.471%+$47 on $10k

Price spread, last 3 days (all we have)+1.436%+$144 · spread now +0.079%, 7d avg +0.014%

Together, before fees+1.907%+$191 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.064% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_POPCATUSD	0.05545	0.0046	pay 0.0006% / 1h	30m 21s	$141K	$117K	20x
Short	Bybit POPCATUSDT	0.05549	0.0100	get 0.0050% / 4h	3h 30m	$8.9M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now +0.079%Rate

Funding earned: $11.36
Price spread: +0.079% → +0.014%: $6.45
Slippage, 4 orders: −$119.66
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$122.85
Costs to cover: 1.407%
Break-even: 82.7 days

Slippage from Kraken Futures: live order book, 17 min ago; Bybit: live order book, 3 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 Kraken Futures live order book, 17 min ago	13.65 bp	45.7 bp −$46	7514.6 bp −$75.1K	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.90 bp	21.1 bp −$21	98.6 bp −$986	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	−1.238%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05554	+0.177%	$1	—	10x	as long as short
Kraken Futures PF_POPCATUSDlong	+0.0046%	1h	0.05545	long leg	$141K	$117K	20x
Lighter POPCAT	+0.0096%	1h	0.05552	+0.133%	$101K	$46K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05557	+0.222%	$2.4M	$6.2M	50x	as long as short
Bybit POPCATUSDTshort	+0.0100%	4h	0.05549	+0.079%	$8.9M	$5.8M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05546	+0.025%	$682K	$1.4M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05560	+0.277%	$423K	$673K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05566	+0.385%	$2.0M	$906K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05559	+0.259%	$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	0.05552	+0.133%	$1.2M	$870K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05549	+0.079%	—	$6.8M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05557	+0.231%	$508K	$173K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05550	+0.097%	$23K	$637K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05548	+0.070%	$98K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05564	+0.349%	$128K	$278K	50x	as long as short
GRVT POPCAT_USDT_Perp	+0.0640%	4h	0.05568	+0.417%	$249K	$498K	10x	as long as short
Hyperliquid POPCAT	+0.1029%	1h	0.05566	+0.393%	$2.6M	$1.0M	3x	as long as short