Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 13:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.090%

Price spread now: Variational Omni against Reya−0.700%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.700% cheaper against Reya than usual: you would sell low and buy high (spread −0.700% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$70 on $10k: about 7.1 days of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya POPCATRUSDPERP	0.05770	−0.0228	get 0.0029% / 1h	25m 59s	$1	—	10x
Short	Variational Omni POPCAT	0.05729	0.0100	get 0.0050% / 4h	3h 25m	$544K	$161K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now −0.700%Rate

Funding earned: $68.94
Price spread: −0.700% → 0.000%: −$70.05
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.11
Costs to cover: 0.060%
Break-even: 7.7 days

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 11 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 11 min ago	4.37 bp	doesn't fit	91.8 bp −$918	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

POPCAT on 18 exchanges

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	−0.3065%	1h	0.05610	−2.768%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERPlong	−0.0228%	1h	0.05770	long leg	$1	—	10x
Lighter POPCAT	+0.0096%	1h	0.05767	−0.046%	$98K	$40K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05769	−0.012%	$2.6M	$6.7M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05763	−0.116%	$9.2M	$6.2M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05767	−0.046%	$694K	$1.3M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05760	−0.168%	$424K	$453K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05772	+0.040%	$1.8M	$879K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05769	−0.012%	$1.1M	$713K	50x	as long as short
Bitget POPCATUSDT	+0.0100%	4h	0.05770	+0.006%	$1.2M	$766K	50x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX POPCAT-USDC	+0.0100%	4h	0.05768	−0.029%	—	$1.6M	—	as long as short
Variational Omni POPCATshort	+0.0100%	4h	0.05729	−0.700%	$544K	$161K	—
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05740	−0.514%	$21K	$648K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05767	−0.047%	$93K	$736K	10x	as long as short
Hyperliquid POPCAT	+0.0313%	1h	0.05777	+0.123%	$2.8M	$1.3M	3x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05759	−0.185%	$131K	$269K	50x	as long as short
GRVT POPCAT_USDT_Perp	+0.0482%	4h	0.05737	−0.563%	$263K	$460K	10x	as long as short
Kraken Futures PF_POPCATUSD	+0.0640%	1h	0.05768	−0.035%	$153K	$116K	20x	as long as short