Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0495%/8h= +54.2% APRpaid last 24h +0.053%

Price spread now: BingX against Kraken Futures−0.015%7-day average +0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$205as in the Funding arb table

Net, price: spread back to 7d avg − costs−$269as in the Price arb table

costs, in and out, $10k−$2582.576% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.527%+$53 on $10k

Price spread, last 3 days (all we have)+1.086%+$109 · spread now −0.015%, 7d avg +0.094%

Together, before fees+1.613%+$161 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.110% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.015% now, against its 7-day average of +0.094%). If the spread goes back, that is −$11 on $10k: about 18 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_POPCATUSD	0.05629	−0.0395	get 0.0049% / 1h	52m 44s	$147K	$138K	20x
Short	BingX POPCAT-USDC	0.05628	0.0100	get 0.0050% / 4h	3h 52m	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.015%Rate

Funding earned: $103.91
Price spread: −0.015% → +0.094%: −$10.98
Slippage, 4 orders: −$237.64
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$164.71
Costs to cover: 2.576%
Break-even: 18.1 days

Slippage from Kraken Futures: live order book, 20 min ago; BingX: live order book, 14 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 Kraken Futures live order book, 20 min ago	27.55 bp	40.3 bp −$40	9165.2 bp −$91.7K	doesn't fit	doesn't fit
Sell BingX live order book, 14 min ago	13.36 bp	91.8 bp −$92	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	−0.4945%	1h	0.05301	−5.825%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSDlong	−0.0395%	1h	0.05629	long leg	$147K	$138K	20x
Reya POPCATRUSDPERP	−0.0228%	1h	0.05631	+0.032%	$1	—	10x	as long as short
Lighter POPCAT	+0.0096%	1h	0.05631	+0.038%	$101K	$46K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05637	+0.145%	$2.3M	$6.7M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05623	−0.104%	$8.9M	$6.1M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05632	+0.056%	$702K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05622	−0.122%	$430K	$630K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05636	+0.127%	$1.8M	$936K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05627	−0.033%	$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	0.05622	−0.122%	$1.2M	$930K	50x	as long as short
BingX POPCAT-USDCshort	+0.0100%	4h	0.05628	−0.015%	—	$1.6M	—
Variational Omni POPCAT	+0.0100%	4h	0.05624	−0.082%	$510K	$171K	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05620	−0.158%	$23K	$652K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05631	+0.043%	$96K	$444K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05632	+0.056%	$124K	$296K	50x	as long as short
GRVT POPCAT_USDT_Perp	+0.0730%	4h	0.05638	+0.163%	$245K	$493K	10x	as long as short
Hyperliquid POPCAT	+0.0888%	1h	0.05645	+0.281%	$2.6M	$1.0M	3x	as long as short