Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0293%/8h= −32.1% APRpaid last 24h −0.105%

Price spread now: Injective against Binance−1.801%47s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Injective is 1.801% cheaper against Binance than usual: you would sell low and buy high (−$180 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PONSUSDT	0.6079	0.0326	pay 0.0163% / 4h	3h 42m	$39.8M	$97.6M	20x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	42m 26s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.801%Rate

Funding earned: −$61.54
Price spread: −1.801% → 0.000%: −$180.13
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$251.69
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, just now; Injective: 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 Binance live order book, just now	0.82 bp	12.6 bp −$13	39.2 bp −$392	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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.

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 +0.0033% / S −0.0033%	1h	0.6066	−0.216%	$240K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	−1.801%	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.6077	−0.030%	$431K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6078	−0.016%	$20K	$415K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.6071	−0.132%	$5.3M	$6.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6070	−0.155%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6068	−0.176%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6082	+0.056%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6077	−0.041%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6082	+0.058%	$28K	$553K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.6094	+0.245%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6086	+0.115%	$1.7M	$3.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0103%	4h	0.6071	−0.132%	$13.8M	$57.4M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6078	−0.024%	$379	—	3x	as long as short
KuCoin PONSUSDTM	+0.0168%	4h	0.6074	−0.077%	$1.8M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0204%	4h	0.6075	−0.066%	$4.7M	$11.6M	20x	as long as short
Aster PONSUSDT	+0.0208%	4h	0.6070	−0.150%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0326%	4h	0.6078	−0.016%	$7.9M	$4.8M	20x	as long as short
Binance PONSUSDTlong	+0.0326%	4h	0.6079	long leg	$39.8M	$97.6M	20x
Extended PONS-USD	+0.0328%	1h	0.6079	−0.005%	$250K	$683K	5x	as long as short
edgeX PONSUSDC	+0.0333%	4h	0.6067	−0.192%	$21K	$294K	10x	as long as short
Lighter PONS	+0.0472%	1h	0.6079	−0.002%	$1.7M	$896K	3x	as long as short
BingX PONS-USDT	+0.0562%	4h	0.6079	0.000%	—	$3.1M	—	as long as short
BloFin PONS-USDT	+0.0568%	4h	0.6081	+0.033%	$1.7M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0575%	1h	0.6079	0.000%	$105K	$116K	5x	as long as short
Pacifica PONS	+0.0665%	1h	0.6074	−0.075%	$48K	$87K	3x	as long as short
Polymarket Perps PONS-USD	+0.0794%	1h	0.6077	−0.038%	$42K	$1.6M	3x	as long as short
Bybit PONSUSDT	+0.0800%	4h	0.6074	−0.082%	$18.2M	$31.2M	20x	as long as short
Hyperliquid PONS	+0.0942%	1h	0.6076	−0.053%	$61.8M	$29.8M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6060	−0.319%	$31K	$113K	3x	as long as short