Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.138%

Price spread now: Lighter against Binance−0.065%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$880.880% of the position

Long on Binance 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)+0.151%+$15 · spread now −0.065%, 7d avg +0.015%

Together, before fees+0.570%+ Points / potential airdropLighter: Season 3 · farm board+$57 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 0.081% cheaper against Binance than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance POPCATUSDT	0.05671	0.0100	pay 0.0050% / 4h	3h 26m	$2.4M	$6.6M	50x
Short	Lighter POPCAT	0.05667	0.0096	get 0.0012% / 1h	26m 27s	$102K	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$0.84
Price spread: −0.065% → +0.015%: −$8.06
Slippage, 4 orders: −$77.97
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$96.88
Costs to cover: 0.880%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Lighter: live order book, 19 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 Binance live order book, 12 min ago	4.41 bp	28.0 bp −$28	76.8 bp −$768	doesn't fit	doesn't fit
Sell Lighter live order book, 19 min ago	17.70 bp	17.7 bp −$18	626.0 bp −$6,260	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	−0.4945%	1h	0.05301	−6.519%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.0392%	1h	0.05670	−0.007%	$152K	$142K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05670	−0.014%	$1	—	10x	as long as short
Lighter POPCATshort	+0.0096%	1h	0.05667	−0.065%	$102K	$46K	10x
Binance POPCATUSDTlong	+0.0100%	4h	0.05671	long leg	$2.4M	$6.6M	50x
Bybit POPCATUSDT	+0.0100%	4h	0.05659	−0.206%	$9.0M	$6.1M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05671	+0.005%	$706K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05661	−0.171%	$456K	$647K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05670	−0.012%	$1.8M	$946K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05669	−0.030%	$1.1M	$989K	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	0.05675	+0.076%	$1.2M	$930K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05664	−0.118%	—	$1.6M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05657	−0.240%	$513K	$165K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05670	−0.012%	$23K	$650K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05669	−0.034%	$97K	$527K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05671	+0.005%	$125K	$298K	50x	as long as short
GRVT POPCAT_USDT_Perp	+0.0380%	4h	0.05677	+0.113%	$254K	$473K	10x	as long as short
Hyperliquid POPCAT	+0.1390%	1h	0.05688	+0.310%	$2.6M	$1.0M	3x	as long as short