Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.132%

Price spread now: Lighter against Variational Omni+0.176%7-day average +0.149% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.332%+$33 on $10k

Price spread, last 4 days (all we have)−0.834%−$83 · spread now +0.176%, 7d avg +0.149%

Together, before fees−0.502%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.027% dearer against Variational Omni than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.149%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni POPCAT	0.05601	0.0037	pay 0.0018% / 4h	2h 27m	$509K	$162K	—
Short	Lighter POPCAT	0.05611	0.0096	get 0.0012% / 1h	27m 51s	$101K	$52K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.176%Rate

Funding earned: $12.46
Price spread: +0.176% → +0.149%: $2.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $15.15
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 41 min ago; Lighter: live order book, 13 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, 41 min ago	7.94 bp	doesn't fit	36.2 bp −$362	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	19.74 bp	64.5 bp −$64	666.0 bp −$6,660	doesn't fit	doesn't fit

POPCAT on 17 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	0.05524	−1.377%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05610	+0.156%	$1	—	10x	as long as short
Variational Omni POPCATlong	+0.0037%	4h	0.05601	long leg	$509K	$162K	—
Lighter POPCATshort	+0.0096%	1h	0.05611	+0.176%	$101K	$52K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05614	+0.230%	$2.3M	$6.8M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05595	−0.109%	$8.8M	$6.3M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05607	+0.105%	$693K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05612	+0.194%	$447K	$636K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05614	+0.230%	$1.8M	$970K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05608	+0.123%	$1.1M	$991K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget POPCATUSDT	+0.0100%	4h	0.05610	+0.158%	$1.2M	$941K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05606	+0.087%	—	$1.6M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05622	+0.373%	$252K	$494K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05620	+0.337%	$22K	$657K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05607	+0.110%	$98K	$524K	10x	as long as short
Kraken Futures PF_POPCATUSD	+0.0635%	1h	0.05610	+0.163%	$149K	$147K	20x	as long as short
Hyperliquid POPCAT	+0.1104%	1h	0.05620	+0.332%	$2.6M	$992K	3x	as long as short