Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.014%

Price spread now: GRVT against Variational Omni+0.324%7-day average +0.222% · you sell dearer than you buy

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

Long on Variational Omni Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.092%+$9 on $10k

Price spread, last 3 days (all we have)−0.072%−$7 · spread now +0.324%, 7d avg +0.222%

Together, before fees+0.020%+ Points / potential airdropVariational Omni: Active · GRVT: Active · farm board+$2 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: GRVT is 0.102% dearer against Variational Omni than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.222%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni POPCAT	0.05487	0.0100	pay 0.0050% / 4h	1h 12m	$504K	$174K	—
Short	GRVT POPCAT_USDT_Perp	0.05505	0.0100	get 0.0050% / 4h	1h 12m	$243K	$468K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee GRVTbpOrdersPrice spread, now +0.324%Rate

Funding earned: $0
Price spread: +0.324% → +0.222%: $10.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $1.18
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 6 min ago; GRVT: live order book, 5 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 Variational Omni RFQ quote, 6 min ago	10.02 bp	doesn't fit	82.9 bp −$829	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	8.18 bp	51.6 bp −$52	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	−0.3374%	1h	0.05443	−0.808%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.0932%	1h	0.05484	−0.063%	$143K	$118K	20x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05492	+0.086%	$1	—	10x	as long as short
Lighter POPCAT	+0.0096%	1h	0.05493	+0.104%	$100K	$45K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05497	+0.184%	$2.3M	$6.3M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05489	+0.031%	$8.8M	$5.9M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05492	+0.085%	$681K	$1.4M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05489	+0.031%	$432K	$674K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05498	+0.195%	$1.9M	$927K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05500	+0.231%	$1.1M	$984K	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	0.05490	+0.049%	$1.1M	$893K	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05494	+0.122%	—	$6.8M	—	as long as short
Variational Omni POPCATlong	+0.0100%	4h	0.05487	long leg	$504K	$174K	—
GRVT POPCAT_USDT_Perpshort	+0.0100%	4h	0.05505	+0.324%	$243K	$468K	10x
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05500	+0.231%	$22K	$645K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05492	+0.083%	$97K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05507	+0.359%	$123K	$283K	50x	as long as short
Hyperliquid POPCAT	+0.0846%	1h	0.05504	+0.304%	$2.5M	$1.1M	3x	as long as short