Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.098%

Price spread now: Bybit against Reya−0.112%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Bybit is 0.112% cheaper against Reya than usual: you would sell low and buy high (spread −0.112% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 27 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya POPCATRUSDPERP	0.05635	−0.0228	get 0.0029% / 1h	2m 04s	$1	—	10x
Short	Bybit POPCATUSDT	0.05629	0.0100	get 0.0050% / 4h	3h 02m	$8.9M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now −0.112%Rate

Funding earned: $68.94
Price spread: −0.112% → 0.000%: −$11.24
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $40.7
Costs to cover: 0.170%
Break-even: 2.9 days

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 1 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	4.44 bp	23.2 bp −$23	97.2 bp −$972	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4945%	1h	0.05301	−5.933%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.0394%	1h	0.05641	+0.109%	$150K	$144K	20x	as long as short
Reya POPCATRUSDPERPlong	−0.0228%	1h	0.05635	long leg	$1	—	10x
Lighter POPCAT	+0.0096%	1h	0.05641	+0.101%	$101K	$46K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05637	+0.030%	$2.3M	$6.7M	50x	as long as short
Bybit POPCATUSDTshort	+0.0100%	4h	0.05629	−0.112%	$8.9M	$6.2M	50x
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05635	−0.006%	$698K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05642	+0.118%	$454K	$649K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05638	+0.047%	$1.9M	$960K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05639	+0.065%	$1.1M	$988K	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	0.05633	−0.041%	$1.2M	$942K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05633	−0.041%	—	$1.6M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05655	+0.348%	$513K	$163K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05660	+0.438%	$22K	$652K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05635	−0.007%	$97K	$523K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0112%	4h	0.05674	+0.687%	$246K	$481K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05685	+0.881%	$125K	$298K	50x	as long as short
Hyperliquid POPCAT	+0.1536%	1h	0.05647	+0.198%	$2.6M	$973K	3x	as long as short