Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.077%

Price spread now: Lighter against MEXC−0.123%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$560.560% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.419%+$42 on $10k

Price spread, last 4 days (all we have)+0.216%+$22 · spread now −0.123%, 7d avg +0.018%

Together, before fees+0.635%+ Points / potential airdropLighter: Season 3 · farm board+$63 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: Lighter is 0.141% cheaper against MEXC than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC POPCAT_USDT	0.05679	0.0100	pay 0.0050% / 4h	3h 36m	$1.9M	$1.1M	200x
Short	Lighter POPCAT	0.05672	0.0096	get 0.0012% / 1h	36m 49s	$99K	$55K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$0.84
Price spread: −0.123% → +0.018%: −$14.09
Slippage, 4 orders: −$52.04
Fee MEXC: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$70.97
Costs to cover: 0.560%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Lighter: live order book, 89 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 MEXC live order book, 5 min ago	6.17 bp	14.3 bp −$14	62.2 bp −$622	140.1 bp −$14.0K	254.4 bp −$127.2K
Sell Lighter live order book, 89 min ago	12.11 bp	12.1 bp −$12	549.3 bp −$5,493	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	−0.4200%	1h	0.05620	−1.039%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.1117%	1h	0.05671	−0.146%	$152K	$151K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05679	−0.003%	$1	—	10x	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05672	−0.123%	$99K	$55K	10x
Hyperliquid POPCAT	+0.0100%	1h	0.05678	−0.011%	$2.7M	$1.4M	3x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05680	+0.017%	$2.5M	$7.9M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05669	−0.176%	$9.0M	$7.5M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05683	+0.070%	$689K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05678	−0.018%	$408K	$470K	50x	as long as short
MEXC POPCAT_USDTlong	+0.0100%	4h	0.05679	long leg	$1.9M	$1.1M	200x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin POPCATUSDTM	+0.0100%	4h	0.05672	−0.123%	$1.1M	$851K	50x	as long as short
Bitget POPCATUSDT	+0.0100%	4h	0.05681	+0.035%	$1.2M	$989K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05676	−0.053%	—	$1.6M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05661	−0.325%	$479K	$179K	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05680	+0.018%	$248K	$487K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05680	+0.018%	$22K	$654K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05674	−0.084%	$96K	$750K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05683	+0.070%	$131K	$339K	50x	as long as short