Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0221%/8h= −24.2% APRpaid last 24h −0.089%

Price spread now: Kraken Futures against Variational Omni−0.077%7-day average −0.019% · you buy dearer than you sell

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−1.086%−$109 on $10k

Price spread, last 4 days (all we have)−0.535%−$54 · spread now −0.077%, 7d avg −0.019%

Together, before fees−1.621%+ Points / potential airdropVariational Omni: Active · farm board−$162 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Kraken Futures is 0.058% cheaper against Variational Omni than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni POPCAT	0.05705	0.0059	pay 0.0029% / 4h	23m 21s	$491K	$180K	—
Short	Kraken Futures PF_POPCATUSD	0.05701	−0.0162	pay 0.0020% / 1h	23m 21s	$153K	$157K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$46.43
Price spread: −0.077% → −0.019%: −$5.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$62.22
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 16 min ago; Kraken Futures: live order book, 14 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, 16 min ago	7.80 bp	doesn't fit	35.5 bp −$355	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 14 min ago	19.09 bp	65.8 bp −$66	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	−0.5000%	1h	0.05683	−0.385%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05709	+0.074%	$1	—	10x	as long as short
Kraken Futures PF_POPCATUSDshort	−0.0162%	1h	0.05701	−0.077%	$153K	$157K	20x
Variational Omni POPCATlong	+0.0059%	4h	0.05705	long leg	$491K	$180K	—
Lighter POPCAT	+0.0096%	1h	0.05707	+0.036%	$99K	$61K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05711	+0.105%	$2.6M	$8.0M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05693	−0.209%	$9.0M	$7.6M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05708	+0.054%	$694K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05704	−0.017%	$438K	$548K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05708	+0.054%	$1.9M	$1.1M	200x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin POPCATUSDTM	+0.0100%	4h	0.05708	+0.054%	$1.1M	$1.0M	50x	as long as short
Bitget POPCATUSDT	+0.0100%	4h	0.05712	+0.124%	$1.2M	$1.0M	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05708	+0.054%	—	$6.9M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05710	+0.089%	$22K	$658K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05710	+0.097%	$94K	$746K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0118%	4h	0.05717	+0.211%	$249K	$505K	10x	as long as short
Hyperliquid POPCAT	+0.0227%	1h	0.05716	+0.196%	$2.7M	$1.4M	3x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05715	+0.176%	$134K	$362K	50x	as long as short