Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h −0.132%

Price spread now: Variational Omni against Lighter−0.123%7-day average −0.149% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

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)+0.780%+$78 · spread now −0.123%, 7d avg −0.149%

Together, before fees+0.448%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.027% dearer against Lighter than usual: you sell high and buy low (spread −0.123% now, against its 7-day average of −0.149%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 3 days (−0.332% in total) that is about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter POPCAT	0.05599	0.0096	pay 0.0012% / 1h	40m 56s	$101K	$52K	10x
Short	Variational Omni POPCAT	0.05592	0.0073	get 0.0037% / 4h	2h 40m	$507K	$162K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.123%Rate

Funding earned: −$4.81
Price spread: −0.123% → −0.149%: $2.67
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$2.14
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 65 min ago; Variational Omni: RFQ quote, 28 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 Lighter live order book, 65 min ago	17.70 bp	18.5 bp −$19	89.8 bp −$898	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 28 min ago	7.94 bp	doesn't fit	92.6 bp −$926	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	0.05540	−1.054%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05601	+0.038%	$1	—	10x	as long as short
Variational Omni POPCATshort	+0.0073%	4h	0.05592	−0.123%	$507K	$162K	—
Lighter POPCATlong	+0.0096%	1h	0.05599	long leg	$101K	$52K	10x
Binance POPCATUSDT	+0.0100%	4h	0.05600	+0.020%	$2.3M	$6.8M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05587	−0.214%	$8.8M	$6.2M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05592	−0.125%	$689K	$1.5M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05590	−0.161%	$448K	$628K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05603	+0.071%	$1.8M	$963K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05603	+0.071%	$1.1M	$992K	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	0.05601	+0.036%	$1.2M	$938K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05595	−0.071%	—	$1.6M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05649	+0.893%	$247K	$485K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05630	+0.554%	$22K	$657K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05593	−0.105%	$95K	$525K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05654	+0.982%	$125K	$301K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0636%	1h	0.05602	+0.060%	$149K	$146K	20x	as long as short
Hyperliquid POPCAT	+0.1285%	1h	0.05609	+0.170%	$2.6M	$985K	3x	as long as short