Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.091%

Price spread now: BingX against Lighter−0.173%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$221as in the Funding arb table

Net, price: spread back to 7d avg − costs−$187as in the Price arb table

costs, in and out, $10k−$1791.793% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.420%−$42 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now −0.173%, 7d avg −0.098%

Together, before fees−0.412%+ Points / potential airdropLighter: Season 3 · farm board−$41 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.075% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter POPCAT	0.05785	0.0096	pay 0.0012% / 1h	11m 41s	$103K	$59K	10x
Short	BingX POPCAT-USDC	0.05775	0.0100	get 0.0050% / 4h	1h 11m	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.173%Rate

Funding earned: $0.84
Price spread: −0.173% → −0.098%: −$7.47
Slippage, 4 orders: −$169.33
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$185.96
Costs to cover: 1.793%
Break-even: 1556.7 days

Slippage from Lighter: live order book, 59 min ago; BingX: live order book, 4 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 Lighter live order book, 59 min ago	18.39 bp	18.4 bp −$18	102.9 bp −$1,029	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	13.85 bp	72.6 bp −$73	283.4 bp −$2,834	558.7 bp −$55.9K	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	−0.4288%	1h	0.05642	−2.472%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05786	+0.009%	$1	—	10x	as long as short
Variational Omni POPCAT	+0.0038%	4h	0.05770	−0.259%	$496K	$180K	—	as long as short
Lighter POPCATlong	+0.0096%	1h	0.05785	long leg	$103K	$59K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05790	+0.090%	$2.6M	$7.9M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05780	−0.086%	$9.2M	$7.4M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05780	−0.086%	$704K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05783	−0.035%	$447K	$578K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05789	+0.069%	$1.9M	$1.0M	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05790	+0.086%	$1.2M	$1.0M	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	0.05788	+0.052%	$1.2M	$1.0M	50x	as long as short
BingX POPCAT-USDCshort	+0.0100%	4h	0.05775	−0.173%	—	$1.6M	—
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05780	−0.086%	$23K	$658K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05782	−0.054%	$94K	$381K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0172%	4h	0.05793	+0.142%	$264K	$517K	10x	as long as short
Hyperliquid POPCAT	+0.0319%	1h	0.05789	+0.064%	$2.7M	$1.4M	3x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05791	+0.104%	$132K	$361K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0390%	1h	0.05775	−0.178%	$152K	$158K	20x	as long as short