Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0261%/8h= +28.6% APRpaid last 24h +0.090%

Price spread now: Variational Omni against Reya+0.033%7-day average — · you sell dearer than you buy

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 3 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

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Variational Omni is 0.033% dearer against Reya than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya POPCATRUSDPERP	0.05766	−0.0228	get 0.0029% / 1h	18m 08s	$1	—	10x
Short	Variational Omni POPCAT	0.05767	0.0032	get 0.0016% / 4h	1h 18m	$496K	$180K	—

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 +0.033%Rate

Funding earned: $54.76
Price spread: +0.033% → 0.000%: $3.29
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $52.05
Costs to cover: 0.060%
Break-even: 0.3 days

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 26 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, 26 min ago	7.01 bp	doesn't fit	82.3 bp −$823	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 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	−0.4288%	1h	0.05642	−2.144%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERPlong	−0.0228%	1h	0.05766	long leg	$1	—	10x
Variational Omni POPCATshort	+0.0032%	4h	0.05767	+0.033%	$496K	$180K	—
Lighter POPCAT	+0.0096%	1h	0.05767	+0.024%	$102K	$59K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05781	+0.272%	$2.6M	$7.9M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05757	−0.149%	$9.2M	$7.4M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05761	−0.080%	$701K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05790	+0.423%	$447K	$575K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05775	+0.163%	$1.9M	$1.0M	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05830	+1.117%	$1.2M	$1.0M	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	0.05775	+0.163%	$1.2M	$1.0M	50x	as long as short
BingX POPCAT-USDT	+0.0100%	4h	0.05764	−0.028%	—	$6.8M	—	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05780	+0.250%	$23K	$658K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05763	−0.040%	$94K	$381K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0230%	4h	0.05770	+0.076%	$263K	$524K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05777	+0.198%	$132K	$360K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0392%	1h	0.05747	−0.326%	$151K	$158K	20x	as long as short
Hyperliquid POPCAT	+0.0439%	1h	0.05773	+0.125%	$2.7M	$1.4M	3x	as long as short