Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0462%/8h= +50.6% APRpaid last 24h +0.081%

Price spread now: Hyperliquid against Binance+0.095%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 7 days−0.043%−$4 · spread now +0.095%, 7d avg −0.012%

Together, before fees−0.064%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.108% dearer against Binance than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.012%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PONSUSDT	0.5973	0.0178	pay 0.0089% / 4h	1h 41m	$38.8M	$97.5M	20x
Short	Hyperliquid PONS	0.5979	0.0640	get 0.0080% / 1h	41m 32s	$60.2M	$30.0M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.095%Rate

Funding earned: $97.03
Price spread: +0.095% → −0.012%: $10.76
Slippage, 4 orders: −$27.73
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $61.05
Costs to cover: 0.467%
Break-even: 2.6 days

Slippage from Binance: live order book, 1 min ago; Hyperliquid: live order book, 12 min ago.

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 Binance live order book, 1 min ago	0.84 bp	11.8 bp −$12	36.7 bp −$367	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.09 bp	15.8 bp −$16	doesn't fit	doesn't fit	doesn't fit

PONS on 30 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
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0034%	1h	0.5961	−0.200%	$219K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−0.894%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5972	−0.017%	$21K	$432K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5971	−0.033%	$17.8M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5971	−0.033%	$13.5M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5976	+0.050%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5979	+0.095%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5942	−0.520%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5952	−0.345%	$34K	$344K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5976	+0.042%	$3K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5970	−0.049%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5968	−0.075%	$27K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5963	−0.164%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5961	−0.201%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5956	−0.287%	$371	—	3x	as long as short
Aster PONSUSDT	+0.0153%	4h	0.5966	−0.114%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0172%	4h	0.5972	−0.017%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0174%	4h	0.5974	+0.017%	$7.7M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5974	+0.025%	$107K	$522K	5x	as long as short
Binance PONSUSDTlong	+0.0178%	4h	0.5973	long leg	$38.8M	$97.5M	20x
edgeX PONSUSDC	+0.0189%	4h	0.5964	−0.144%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0233%	1h	0.5976	+0.049%	$90K	$103K	5x	as long as short
BloFin PONS-USDT	+0.0415%	4h	0.5964	−0.151%	$1.7M	$980K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5974	+0.009%	$47K	$104K	3x	as long as short
Polymarket Perps PONS-USD	+0.0498%	1h	0.5969	−0.067%	$37K	$1.7M	3x	as long as short
Lighter RH PONS	+0.0512%	1h	0.5975	+0.028%	$423K	$2.6M	3x	as long as short
Hyperliquid PONSshort	+0.0640%	1h	0.5979	+0.095%	$60.2M	$30.0M	3x
Lighter PONS	+0.0872%	1h	0.5975	+0.037%	$1.7M	$985K	3x	as long as short
Gate PONS_USDT	+0.1394%	4h	0.5968	−0.084%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5952	−0.345%	$30K	$96K	3x	as long as short