Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0313%/8h= −34.3% APRpaid last 24h −0.085%

Price spread now: Popdex against Binance−0.088%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$230as in the Price arb table

costs, in and out, $10k−$2202.198% of the position

Long on Binance Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.312%−$31 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now −0.088%, 7d avg +0.009%

Together, before fees−0.220%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Popdex is 0.097% cheaper against Binance than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PONSUSDT	0.6031	0.0409	pay 0.0204% / 4h	2h 29m	$39.5M	$95.1M	20x
Short	Popdex PONSUSDT	0.6026	0.0096	get 0.0012% / 1h	29m 34s	$20K	$423K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$65.7
Price spread: −0.088% → +0.009%: −$9.72
Slippage, 4 orders: −$203.41
Fee Binance: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$295.24
Costs to cover: 2.198%
Break-even: never at this rate

Slippage from Binance: live order book, 13 min ago; Popdex: live order book, 39 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, 13 min ago	0.83 bp	13.6 bp −$14	51.0 bp −$510	doesn't fit	doesn't fit
Sell Popdex live order book, 39 min ago	6.52 bp	97.1 bp −$97	doesn't fit	doesn't fit	doesn't fit

PONS on 29 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	0.6029	−0.044%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.025%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6026	−0.088%	$20K	$423K	20x
Variational Omni PONS	+0.0100%	4h	0.6043	+0.187%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6038	+0.113%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6042	+0.177%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6040	+0.139%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6044	+0.215%	$26K	$518K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6044	+0.210%	$64K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6044	+0.210%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0184%	1h	0.6036	+0.078%	$376	—	3x	as long as short
Lighter RH PONS	+0.0208%	1h	0.6038	+0.109%	$423K	$2.5M	3x	as long as short
KuCoin PONSUSDTM	+0.0210%	4h	0.6030	−0.020%	$1.7M	$3.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0220%	4h	0.6026	−0.088%	$13.8M	$55.0M	20x	as long as short
Bybit PONSUSDT	+0.0238%	4h	0.6023	−0.138%	$18.1M	$30.5M	20x	as long as short
Nado PONS-PERP	+0.0244%	1h	0.6036	+0.074%	$71K	$131K	5x	as long as short
Lighter PONS	+0.0296%	1h	0.6039	+0.126%	$1.7M	$884K	3x	as long as short
Bitget PONSUSDT	+0.0302%	4h	0.6030	−0.027%	$4.7M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0369%	4h	0.6040	+0.147%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0390%	4h	0.6030	−0.022%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0408%	1h	0.6029	−0.032%	$250K	$674K	5x	as long as short
MEXC PONS_USDT	+0.0408%	4h	0.6034	+0.045%	$7.7M	$4.7M	20x	as long as short
Binance PONSUSDTlong	+0.0409%	4h	0.6031	long leg	$39.5M	$95.1M	20x
edgeX PONSUSDC	+0.0414%	4h	0.6038	+0.115%	$21K	$294K	10x	as long as short
Gate PONS_USDT	+0.0530%	4h	0.6028	−0.055%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0690%	1h	0.6038	+0.103%	$61.4M	$28.2M	3x	as long as short
Polymarket Perps PONS-USD	+0.0742%	1h	0.6039	+0.133%	$45K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6032	+0.005%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6038	+0.103%	$31K	$107K	3x	as long as short