Funding arb · Price arb /

POPCAT

all POPCAT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0218%/8h= +23.9% APRpaid last 24h +0.287%

Price spread now: Hyperliquid against Variational Omni+2.492%7-day average +0.272% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.401%+$40 on $10k

Price spread, last 4 days (all we have)−2.333%−$233 · spread now +2.492%, 7d avg +0.272%

Together, before fees−1.933%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$193 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 2.219% dearer against Variational Omni than usual: you sell high and buy low: +$222 more if the spread goes back to its 7-day average of +0.272%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni POPCAT	0.05525	−0.0070	get 0.0035% / 4h	2h 17m	$470K	$175K	—
Short	Hyperliquid POPCAT	0.05663	0.0148	get 0.0018% / 1h	17m 46s	$2.6M	$1.4M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +2.492%Rate

Funding earned: $45.8
Price spread: +2.492% → +0.272%: $221.94
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $258.75
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 31 min ago; Hyperliquid: live order book, 3 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, 31 min ago	7.13 bp	doesn't fit	82.0 bp −$820	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	2.61 bp	29.8 bp −$30	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	−0.4088%	1h	0.05525	−0.001%	$3K	$2K	5.5x	as long as short
Reya POPCATRUSDPERP	−0.0228%	1h	0.05642	+2.110%	$1	—	10x	as long as short
Variational Omni POPCATlong	−0.0070%	4h	0.05525	long leg	$470K	$175K	—
Lighter POPCAT	+0.0096%	1h	0.05650	+2.262%	$100K	$57K	10x	as long as short
Binance POPCATUSDT	+0.0100%	4h	0.05656	+2.370%	$2.5M	$7.6M	50x	as long as short
Bybit POPCATUSDT	+0.0100%	4h	0.05647	+2.208%	$8.8M	$6.9M	50x	as long as short
OKX POPCAT-USDT-SWAP	+0.0100%	4h	0.05654	+2.334%	$687K	$1.7M	20x	as long as short
Gate POPCAT_USDT	+0.0100%	4h	0.05649	+2.244%	$443K	$648K	50x	as long as short
MEXC POPCAT_USDT	+0.0100%	4h	0.05652	+2.298%	$1.8M	$1.0M	200x	as long as short
KuCoin POPCATUSDTM	+0.0100%	4h	0.05643	+2.135%	$1.1M	$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	0.05652	+2.298%	$1.2M	$977K	50x	as long as short
BingX POPCAT-USDC	+0.0100%	4h	0.05647	+2.208%	—	$1.6M	—	as long as short
GRVT POPCAT_USDT_Perp	+0.0100%	4h	0.05537	+0.209%	$241K	$489K	10x	as long as short
ApeX Omni POPCATUSDT	+0.0100%	1h	0.05530	+0.090%	$22K	$654K	25x	as long as short
Extended POPCAT-USD	+0.0104%	1h	0.05650	+2.254%	$97K	$414K	10x	as long as short
Hyperliquid POPCATshort	+0.0148%	1h	0.05663	+2.492%	$2.6M	$1.4M	3x
BloFin POPCAT-USDT	+0.0340%	4h	0.05607	+1.484%	$127K	$331K	50x	as long as short
Kraken Futures PF_POPCATUSD	+0.0409%	1h	0.05644	+2.157%	$150K	$155K	20x	as long as short