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if ( !window.requestAnimationFrame ) {
  window.requestAnimationFrame = ( function() {
    return window.webkitRequestAnimationFrame ||
    window.mozRequestAnimationFrame ||
    window.oRequestAnimationFrame ||
    window.msRequestAnimationFrame ||
    function( /* function FrameRequestCallback */ callback, /* DOMElement Element */ element ) {
      window.setTimeout( callback, 1000 / 60 );
    };
  } )();
}

// grab the canvas element, get the context for API access and 
// preset some variables
var canvas = document.querySelector( 'canvas' ),
    c = canvas.getContext( '2d' ),
    mouseX = 0,
    mouseY = 0,
    width = 300,
    height = 300,
    distx = 0,
    disty = 0,
    hw = width / 2,
    hh = height / 2,
    longest = Math.sqrt( ( hw * hw ) + ( hh * hh ) ),
    factor = 0.4,
    realdistance = 0,
    blur = [ 2, 9 ],
    shadowalpha = [ 3, 8 ],
    blurfactor = blur[1] / longest,
    shadowfactor = shadowalpha[1] / longest,
    increase = 0;

// resize the canvas
canvas.width = width;
canvas.height = height;

draw();

function draw() {

  // calculate the distance caused by the offset
  distx = mouseX - hw;
  disty = mouseY - hh;

  increase+=0.03;
  var distx = 80 * Math.cos(increase) + 60 * Math.cos(increase*2);
  var disty = 100 * Math.sin(increase*2) + 20 * Math.cos(increase);

  realdistance = Math.sqrt( ( distx * distx ) + ( disty * disty ) );
  var currentblur = parseInt( blurfactor * realdistance, 10 );
  if ( currentblur < blur[ 0 ] ) {currentblur = blur[0];}
  var currentalpha = parseInt( shadowfactor * realdistance, 10 );
  if ( currentalpha < shadowalpha[ 0 ] ) { currentalpha = shadowalpha[0]; }

  c.clearRect( 0, 0, width, height );
  c.save();
  c.translate( hw, hh);
  
  c.beginPath();
  c.shadowOffsetX = -distx * factor;
  c.shadowOffsetY = -disty * factor;
  c.shadowBlur = currentblur;
  c.shadowColor = 'rgba(0,0,0,' + (1 - currentalpha / 10)  + ')';
  c.fillStyle = 'lime';
  var text = 'Text with shadow';
  c.font = "bold 24px sans-serif";
  var len = c.measureText( text );
  c.fillText( text, -len.width / 2, 12 );
  c.closePath();

  var grd = c.createRadialGradient(distx+10,disty-10,3,distx+10,disty-10,40);
  grd.addColorStop(0, "white");
  grd.addColorStop(1, "orange");
  c.fillStyle = grd;  
  c.shadowColor = 'rgba(0,0,0,0)';
  c.beginPath();
  c.arc( distx, disty, 20 , 0, Math.PI*2, true );
  c.closePath();
  c.fill();
  c.restore();
  requestAnimationFrame( draw, 10 );

}

<canvas></canvas>

canvas{background:#69c}