Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1067%/8h= −116.8% APRpaid last 24h −0.031%

Price spread now: Kraken Futures against OKX−0.004%7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs−$263as in the Funding arb table

Net, price: spread back to 7d avg − costs−$200as in the Price arb table

costs, in and out, $10k−$2122.121% of the position

Long on OKX Short on Kraken Futures

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)−1.010%−$101 · spread now −0.004%, 7d avg −0.124%

Together, before fees−1.521%−$152 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.121% dearer against OKX than usual: you sell high and buy low (spread −0.004% now, against its 7-day average of −0.124%): +$12 on $10k if it goes back. Holding the pair costs −$32 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.511% in total) that is about 40 hours.

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	OKX POPCAT-USDT-SWAP	0.05622	0.0100	pay 0.0050% / 4h	35m 46s	$701K	$1.5M	20x
Short	Kraken Futures PF_POPCATUSD	0.05622	−0.0967	pay 0.0121% / 1h	35m 46s	$150K	$131K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$224.07
Price spread: −0.004% → −0.124%: $12.07
Slippage, 4 orders: −$192.12
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$424.13
Costs to cover: 2.121%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Kraken Futures: live order book, 41 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 OKX live order book, 1 min ago	6.22 bp	43.4 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 41 min ago	24.60 bp	74.0 bp −$74	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	0.05594	−0.498%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSDshort	−0.0967%	1h	0.05622	−0.004%	$150K	$131K	20x
Reya POPCATRUSDPERP	−0.0228%	1h	0.05630	+0.139%	$1	—	10x	as long as short
Lighter POPCAT	+0.0096%	1h	0.05622	0.000%	$101K	$46K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05626	+0.062%	$2.4M	$6.5M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05607	−0.267%	$8.9M	$6.0M	50x	as long as short
OKX POPCAT-USDT-SWAPlong	+0.0100%	4h	0.05622	long leg	$701K	$1.5M	20x
Gate POPCAT_USDT	+0.0100%	4h	0.05621	−0.018%	$429K	$638K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05627	+0.089%	$1.9M	$934K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05635	+0.231%	$1.1M	$984K	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	0.05624	+0.036%	$1.2M	$896K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05616	−0.107%	—	$6.8M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05618	−0.065%	$512K	$178K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05690	+1.210%	$23K	$647K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05618	−0.066%	$99K	$440K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0218%	4h	0.05686	+1.130%	$256K	$473K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05650	+0.498%	$124K	$292K	50x	as long as short
Hyperliquid POPCAT	+0.0571%	1h	0.05634	+0.210%	$2.6M	$989K	3x	as long as short