Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1067%/8h= −116.8% APRpaid last 24h −0.031%

Price spread now: Kraken Futures against Variational Omni−0.004%7-day average −0.037% · 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 3 days (all we have)−1.104%−$110 on $10k

Price spread, last 3 days (all we have)−0.820%−$82 · spread now −0.004%, 7d avg −0.037%

Together, before fees−1.924%+ Points / potential airdropVariational Omni: Active · farm board−$192 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.033% dearer against Variational Omni than usual: you sell high and buy low (spread −0.004% now, against its 7-day average of −0.037%): +$3 on $10k if it goes back. Holding the pair costs −$32 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni POPCAT	0.05623	0.0100	pay 0.0050% / 4h	44m 41s	$513K	$178K	—
Short	Kraken Futures PF_POPCATUSD	0.05623	−0.0967	pay 0.0121% / 1h	44m 41s	$149K	$120K	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 −0.004%Rate

Funding earned: −$224.04
Price spread: −0.004% → −0.037%: $3.28
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: −$230.76
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 34 min ago; Kraken Futures: live order book, 33 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, 34 min ago	10.02 bp	doesn't fit	82.9 bp −$829	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 33 min ago	24.60 bp	74.0 bp −$74	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	−0.4208%	1h	0.05558	−1.152%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSDshort	−0.0967%	1h	0.05623	−0.004%	$149K	$120K	20x
Reya POPCATRUSDPERP	−0.0228%	1h	0.05640	+0.311%	$1	—	10x	as long as short
Lighter POPCAT	+0.0096%	1h	0.05637	+0.253%	$101K	$46K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05643	+0.350%	$2.4M	$6.4M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05636	+0.235%	$9.0M	$5.9M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05648	+0.448%	$706K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05640	+0.306%	$431K	$636K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05640	+0.306%	$1.9M	$926K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05634	+0.199%	$1.1M	$980K	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	0.05633	+0.181%	$1.2M	$886K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05630	+0.128%	—	$1.6M	—	as long as short
Variational Omni POPCATlong	+0.0100%	4h	0.05623	long leg	$513K	$178K	—
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05620	−0.050%	$23K	$647K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05641	+0.319%	$99K	$440K	10x	as long as short
GRVT POPCAT_USDT_Perp	+0.0232%	4h	0.05643	+0.361%	$254K	$482K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05631	+0.146%	$123K	$290K	50x	as long as short
Hyperliquid POPCAT	+0.0574%	1h	0.05651	+0.503%	$2.6M	$1.0M	3x	as long as short