Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1065%/8h= +116.7% APRpaid last 24h +0.031%

Price spread now: Gate against Kraken Futures+0.273%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$368as in the Funding arb table

Net, price: spread back to 7d avg − costs−$401as in the Price arb table

costs, in and out, $10k−$4194.191% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.511%+$51 on $10k

Price spread, last 3 days (all we have)+0.661%+$66 · spread now +0.273%, 7d avg +0.090%

Together, before fees+1.172%+$117 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Gate is 0.182% dearer against Kraken Futures than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.090%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.511% in total (about 26.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_POPCATUSD	0.05632	−0.0965	get 0.0121% / 1h	43m 43s	$150K	$120K	20x
Short	Gate POPCAT_USDT	0.05647	0.0100	get 0.0050% / 4h	43m 43s	$431K	$636K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.273%Rate

Funding earned: $223.72
Price spread: +0.273% → +0.090%: $18.23
Slippage, 4 orders: −$394.08
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$177.13
Costs to cover: 4.191%
Break-even: 12.5 days

Slippage from Kraken Futures: live order book, 33 min ago; Gate: live order book, 33 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, 33 min ago	24.60 bp	50.0 bp −$50	7244.9 bp −$72.4K	doesn't fit	doesn't fit
Sell Gate live order book, 33 min ago	1.82 bp	109.5 bp −$109	doesn't fit	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	−0.4208%	1h	0.05558	−1.308%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSDlong	−0.0965%	1h	0.05632	long leg	$150K	$120K	20x
Reya POPCATRUSDPERP	−0.0228%	1h	0.05647	+0.264%	$1	—	10x	as long as short
Lighter POPCAT	+0.0096%	1h	0.05644	+0.219%	$101K	$46K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05642	+0.184%	$2.4M	$6.4M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05630	−0.029%	$9.0M	$5.9M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05638	+0.113%	$707K	$1.5M	20x	as long as short
Gate POPCAT_USDTshort	+0.0100%	4h	0.05647	+0.273%	$431K	$636K	50x
MEXC POPCAT_USDT	+0.0100%	4h	0.05646	+0.255%	$1.9M	$926K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05642	+0.184%	$1.1M	$981K	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	0.05637	+0.095%	$1.2M	$886K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05635	+0.060%	—	$6.8M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05623	−0.157%	$513K	$178K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05620	−0.207%	$23K	$647K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05638	+0.117%	$99K	$440K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0232%	4h	0.05643	+0.203%	$254K	$482K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05631	−0.012%	$123K	$290K	50x	as long as short
Hyperliquid POPCAT	+0.0558%	1h	0.05661	+0.528%	$2.6M	$1.0M	3x	as long as short