Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.098%

Price spread now: Variational Omni against Reya−0.129%7-day average — · you buy dearer than you sell

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

Funding pays, the price is against you. Variational Omni is 0.129% cheaper against Reya than usual: you would sell low and buy high (spread −0.129% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 31 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya POPCATRUSDPERP	0.05494	−0.0228	get 0.0029% / 1h	48m 15s	$1	—	10x
Short	Variational Omni POPCAT	0.05487	0.0100	get 0.0050% / 4h	1h 48m	$504K	$175K	—

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

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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 ReyabpFee Variational OmnibpOrdersPrice spread, now −0.129%Rate

Funding earned: $68.94
Price spread: −0.129% → 0.000%: −$12.92
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $50.02
Costs to cover: 0.060%
Break-even: 1.9 days

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 36 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, 36 min ago	6.36 bp	doesn't fit	115.5 bp −$1,155	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	−0.3374%	1h	0.05417	−1.395%	$3K	$2K	5.5x	as long as short
Kraken Futures PF_POPCATUSD	−0.0932%	1h	0.05482	−0.218%	$140K	$114K	20x	as long as short
Reya POPCATRUSDPERPlong	−0.0228%	1h	0.05494	long leg	$1	—	10x
Lighter POPCAT	+0.0096%	1h	0.05492	−0.030%	$100K	$45K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05494	+0.007%	$2.3M	$6.3M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05487	−0.121%	$8.8M	$5.8M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05494	+0.007%	$675K	$1.4M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05487	−0.121%	$416K	$649K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05494	+0.007%	$1.9M	$919K	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05495	+0.025%	$1.1M	$996K	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	0.05489	−0.084%	$1.1M	$885K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05490	−0.066%	—	$1.6M	—	as long as short
Variational Omni POPCATshort	+0.0100%	4h	0.05487	−0.129%	$504K	$175K	—
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05502	+0.152%	$244K	$480K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05500	+0.116%	$22K	$646K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05493	−0.013%	$97K	$440K	10x	as long as short
BloFin POPCAT-USDT	+0.0340%	4h	0.05499	+0.098%	$123K	$284K	50x	as long as short
Hyperliquid POPCAT	+0.0902%	1h	0.05501	+0.141%	$2.5M	$1.1M	3x	as long as short