Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.057%

Price spread now: Bybit against Lighter−0.123%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$710.707% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

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

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.123% cheaper against Lighter than usual: you would sell low and buy high, −$12 on $10k if it 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	Lighter POPCAT	0.05708	0.0096	pay 0.0012% / 1h	49m 36s	$97K	$53K	10x
Short	Bybit POPCATUSDT	0.05701	0.0100	get 0.0050% / 4h	1h 49m	$9.1M	$6.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.123%Rate

Funding earned: $0.84
Price spread: −0.123% → 0.000%: −$12.26
Slippage, 4 orders: −$59.67
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$82.1
Costs to cover: 0.707%
Break-even: 691.1 days

Slippage from Lighter: live order book, 75 min ago; Bybit: live order book, 2 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, 75 min ago	11.24 bp	12.3 bp −$12	82.3 bp −$823	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.88 bp	21.2 bp −$21	83.2 bp −$832	doesn't fit	doesn't fit

POPCAT on 18 exchanges

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
Kraken Futures PF_POPCATUSD	−0.1170%	1h	0.05699	−0.165%	$152K	$121K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05711	+0.059%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0039%	4h	0.05702	−0.104%	$485K	$140K	—	as long as short
Injective POPCAT/USDC PERP	+0.0033%	1h	0.05670	−0.666%	$3K	$2K	5.5x	as long as short
Lighter POPCATlong	+0.0096%	1h	0.05708	long leg	$97K	$53K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05712	+0.078%	$2.5M	$7.2M	50x	as long as short
Bybit POPCATUSDTshort	+0.0100%	4h	0.05701	−0.123%	$9.1M	$6.8M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05708	0.000%	$690K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05707	−0.018%	$428K	$468K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05712	+0.070%	$1.8M	$969K	200x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin POPCATUSDTM	+0.0100%	4h	0.05707	−0.018%	$1.1M	$799K	50x	as long as short
Bitget POPCATUSDT	+0.0100%	4h	0.05710	+0.035%	$1.2M	$794K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05702	−0.105%	—	$6.8M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05735	+0.473%	$262K	$455K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05740	+0.561%	$22K	$661K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05707	−0.015%	$92K	$748K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05717	+0.158%	$131K	$295K	50x	as long as short
Hyperliquid POPCAT	+0.0510%	1h	0.05717	+0.163%	$2.7M	$1.3M	3x	as long as short