Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1314%/8h= +143.9% APRpaid last 24h +0.234%

Price spread now: Hyperliquid against OKX+0.295%7-day average +0.178% · you sell dearer than you buy

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1381.382% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.314%+$31 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now +0.295%, 7d avg +0.178%

Together, before fees+0.240%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and Hyperliquid is 0.117% dearer against OKX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.178%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.314% in total (about 16.4% 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	0.05486	0.0100	pay 0.0050% / 4h	2h 08m	$674K	$1.4M	20x
Short	Hyperliquid POPCAT	0.05502	0.1414	get 0.0177% / 1h	8m 50s	$2.5M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.295%Rate

Funding earned: $276
Price spread: +0.295% → +0.178%: $11.68
Slippage, 4 orders: −$119.18
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $149.5
Costs to cover: 1.382%
Break-even: 3.2 days

Slippage from OKX: live order book, 3 min ago; Hyperliquid: live order book, 2 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, 3 min ago	4.55 bp	46.2 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	2.45 bp	21.7 bp −$22	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	−0.4569%	1h	0.05437	−0.893%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.1070%	1h	0.05480	−0.109%	$140K	$114K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05491	+0.095%	$1	—	10x	as long as short
Lighter POPCAT	+0.0096%	1h	0.05489	+0.055%	$100K	$45K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05489	+0.055%	$2.3M	$6.3M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05481	−0.091%	$8.8M	$5.8M	50x	as long as short
OKX POPCAT-USDT-SWAPlong	+0.0100%	4h	0.05486	long leg	$674K	$1.4M	20x
Gate POPCAT_USDT	+0.0100%	4h	0.05490	+0.073%	$416K	$673K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05493	+0.128%	$1.9M	$920K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05494	+0.146%	$1.1M	$995K	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	0.05487	+0.018%	$1.1M	$885K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05486	0.000%	—	$6.8M	—	as long as short
Variational Omni POPCAT	+0.0100%	4h	0.05477	−0.167%	$501K	$173K	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05497	+0.208%	$244K	$489K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05490	+0.073%	$22K	$646K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05488	+0.036%	$97K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05491	+0.091%	$124K	$284K	50x	as long as short
Hyperliquid POPCATshort	+0.1414%	1h	0.05502	+0.295%	$2.5M	$1.1M	3x