Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0328%/8h= −35.9% APRpaid last 24h −0.098%

Price spread now: Reya against Variational Omni+0.173%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Reya

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 airdropVariational Omni: Active · Reya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.173% dearer against Variational Omni than usual: you sell high and buy low (spread +0.173% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni POPCAT	0.05628	0.0100	pay 0.0050% / 4h	3h 48m	$511K	$169K	—
Short	Reya POPCATRUSDPERP	0.05638	−0.0228	pay 0.0029% / 1h	48m 37s	$1	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.173%Rate

Funding earned: −$68.94
Price spread: +0.173% → 0.000%: $17.35
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: −$57.59
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 25 min ago; Reya: no order-book sample. 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, 25 min ago	6.23 bp	doesn't fit	81.0 bp −$810	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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	−0.4945%	1h	0.05301	−5.812%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.0394%	1h	0.05637	+0.160%	$151K	$142K	20x	as long as short
Reya POPCATRUSDPERPshort	−0.0228%	1h	0.05638	+0.173%	$1	—	10x
Lighter POPCAT	+0.0096%	1h	0.05643	+0.264%	$101K	$46K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05640	+0.211%	$2.3M	$6.7M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05627	−0.020%	$8.9M	$6.1M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05639	+0.193%	$701K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05640	+0.211%	$456K	$644K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05642	+0.246%	$1.8M	$937K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05639	+0.193%	$1.1M	$988K	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	0.05630	+0.033%	$1.2M	$931K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05630	+0.033%	—	$1.6M	—	as long as short
Variational Omni POPCATlong	+0.0100%	4h	0.05628	long leg	$511K	$169K	—
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05640	+0.211%	$23K	$652K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05637	+0.150%	$96K	$491K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05637	+0.158%	$124K	$297K	50x	as long as short
GRVT POPCAT_USDT_Perp	+0.0818%	4h	0.05634	+0.111%	$245K	$493K	10x	as long as short
Hyperliquid POPCAT	+0.0938%	1h	0.05656	+0.497%	$2.6M	$1.0M	3x	as long as short