Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.105%

Price spread now: BingX against Lighter−0.212%7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$216as in the Funding arb table

Net, price: spread back to 7d avg − costs−$185as in the Price arb table

costs, in and out, $10k−$1741.740% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.420%−$42 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now −0.212%, 7d avg −0.097%

Together, before fees−0.387%+ Points / potential airdropLighter: Season 3 · farm board−$39 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: BingX is 0.114% cheaper against Lighter than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter POPCAT	0.05666	0.0096	pay 0.0012% / 1h	21m 46s	$102K	$56K	10x
Short	BingX POPCAT-USDC	0.05654	0.0100	get 0.0050% / 4h	3h 21m	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.212%Rate

Funding earned: $0.84
Price spread: −0.212% → −0.097%: −$11.44
Slippage, 4 orders: −$163.98
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$184.58
Costs to cover: 1.740%
Break-even: 1545.1 days

Slippage from Lighter: live order book, 4 min ago; BingX: live order book, 10 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 Lighter live order book, 4 min ago	12.32 bp	12.3 bp −$12	84.6 bp −$846	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	14.06 bp	72.3 bp −$72	303.0 bp −$3,030	530.6 bp −$53.1K	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	−0.4864%	1h	0.05632	−0.600%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05659	−0.131%	$1	—	10x	as long as short
Variational Omni POPCAT	−0.0123%	4h	0.05665	−0.010%	$510K	$164K	—	as long as short
Lighter POPCATlong	+0.0096%	1h	0.05666	long leg	$102K	$56K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05673	+0.131%	$2.5M	$7.2M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05661	−0.088%	$8.9M	$6.6M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05672	+0.106%	$696K	$1.6M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05668	+0.035%	$446K	$635K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05670	+0.071%	$1.8M	$994K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05664	−0.035%	$1.1M	$985K	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	0.05672	+0.106%	$1.2M	$943K	50x	as long as short
BingX POPCAT-USDCshort	+0.0100%	4h	0.05654	−0.212%	—	$1.6M	—
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05694	+0.494%	$253K	$515K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05690	+0.424%	$22K	$655K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05661	−0.080%	$97K	$464K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05679	+0.229%	$130K	$330K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0508%	1h	0.05668	+0.034%	$151K	$147K	20x	as long as short
Hyperliquid POPCAT	+0.0575%	1h	0.05671	+0.092%	$2.7M	$1.1M	3x	as long as short