Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1002%/8h= +109.8% APRpaid last 24h +0.296%

Price spread now: Phoenix against Binance−0.009%75s7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs+$96as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$620.623% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.584%+$158 on $10k

Price spread, last 3 days (all we have)−0.080%−$8 · spread now −0.009%, 7d avg −0.007%

Together, before fees+1.504%+$150 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: +$30 a day on $10k at the current rate. The two prices were read 75 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	0.6126	0.0305	pay 0.0152% / 4h	32m 07s	$40.1M	$98.7M	20x
Short	Phoenix PONS	0.6126	0.1307	get 0.0163% / 1h	32m 07s	$31K	$102K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.009%Rate

Funding earned: $210.5
Price spread: −0.009% → −0.007%: −$0.18
Slippage, 4 orders: −$45.31
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $148.01
Costs to cover: 0.623%
Break-even: 2.1 days

Slippage from Binance: live order book, 11 min ago; Phoenix: live order book, 21 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, 11 min ago	0.82 bp	12.4 bp −$12	53.9 bp −$539	doesn't fit	doesn't fit
Sell Phoenix live order book, 21 min ago	4.06 bp	19.2 bp −$19	64.7 bp −$647	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.561%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6115	−0.184%	$236K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6123	−0.048%	$426K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6129	+0.042%	$20K	$439K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6129	+0.035%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6118	−0.137%	$18.5M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6122	−0.072%	$14.0M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6125	−0.027%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6150	+0.383%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6131	+0.071%	$2K	$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	0.6127	+0.014%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6122	−0.064%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6150	+0.390%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6124	−0.040%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0116%	4h	0.6124	−0.035%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0140%	4h	0.6125	−0.017%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6126	−0.014%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0172%	4h	0.6124	−0.037%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0216%	1h	0.6126	−0.013%	$1.7M	$922K	3x	as long as short
BingX PONS-USDT	+0.0300%	4h	0.6119	−0.121%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0304%	1h	0.6125	−0.024%	$253K	$682K	5x	as long as short
Binance PONSUSDTlong	+0.0305%	4h	0.6126	long leg	$40.1M	$98.7M	20x
MEXC PONS_USDT	+0.0308%	4h	0.6126	−0.007%	$8.1M	$4.9M	20x	as long as short
edgeX PONSUSDC	+0.0309%	4h	0.6134	+0.118%	$21K	$293K	10x	as long as short
BloFin PONS-USDT	+0.0549%	4h	0.6130	+0.058%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0669%	1h	0.6128	+0.019%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6126	−0.015%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0916%	1h	0.6127	+0.006%	$62.2M	$30.4M	3x	as long as short
Phoenix PONSshort	+0.1307%	1h	0.6126	−0.009%	$31K	$102K	3x
Gate PONS_USDT	+0.2262%	4h	0.6121	−0.088%	$5.4M	$6.3M	20x	as long as short