Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.124%

Price spread now: OKX against Lighter−0.036%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1141.141% of the position

Long on Lighter Short on OKX

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)−0.254%−$25 · spread now −0.036%, 7d avg −0.069%

Together, before fees−0.674%+ Points / potential airdropLighter: Season 3 · farm board−$67 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: OKX is 0.033% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter POPCAT	0.05602	0.0096	pay 0.0012% / 1h	2m 05s	$101K	$51K	10x
Short	OKX POPCAT-USDT-SWAP	0.05600	0.0100	get 0.0050% / 4h	1h 02m	$694K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.036%Rate

Funding earned: $0.84
Price spread: −0.036% → −0.069%: $3.3
Slippage, 4 orders: −$104.05
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$109.91
Costs to cover: 1.141%
Break-even: 922.9 days

Slippage from Lighter: live order book, 33 min ago; OKX: live order book, 5 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, 33 min ago	16.83 bp	16.8 bp −$17	92.1 bp −$921	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	3.57 bp	40.0 bp −$40	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	−0.4257%	1h	0.05587	−0.268%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05598	−0.080%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0167%	4h	0.05593	−0.153%	$506K	$163K	—	as long as short
Lighter POPCATlong	+0.0096%	1h	0.05602	long leg	$101K	$51K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05604	+0.036%	$2.4M	$6.9M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05587	−0.268%	$8.8M	$6.4M	50x	as long as short
OKX POPCAT-USDT-SWAPshort	+0.0100%	4h	0.05600	−0.036%	$694K	$1.5M	20x
Gate POPCAT_USDT	+0.0100%	4h	0.05591	−0.196%	$441K	$639K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05605	+0.054%	$1.8M	$961K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05598	−0.071%	$1.1M	$983K	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	0.05603	+0.018%	$1.2M	$936K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05594	−0.143%	—	$6.7M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05610	+0.143%	$22K	$651K	25x	as long as short
GRVT POPCAT_USDT_Perp	+0.0102%	4h	0.05612	+0.179%	$248K	$493K	10x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05599	−0.061%	$95K	$530K	10x	as long as short
Kraken Futures PF_POPCATUSD	+0.0295%	1h	0.05602	+0.008%	$150K	$146K	20x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05619	+0.303%	$126K	$325K	50x	as long as short
Hyperliquid POPCAT	+0.0906%	1h	0.05616	+0.253%	$2.6M	$997K	3x	as long as short