Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0494%/8h= −54.1% APRpaid last 24h −0.097%

Price spread now: SoDEX against Binance+0.119%45s7-day average −0.002% · you sell dearer than you buy

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

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

costs, in and out, $10k−$1591.591% of the position

Long on Binance Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.307%−$31 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now +0.119%, 7d avg −0.002%

Together, before fees−0.331%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.121% dearer against Binance than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of −0.002%): +$12 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 20 hours. The two prices were read 45 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	0.5860	0.0594	pay 0.0297% / 4h	2h 18m	$37.2M	$98.4M	20x
Short	SoDEX PONS-USD	0.5867	0.0100	get 0.0013% / 1h	18m 38s	$25K	$582K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$103.84
Price spread: +0.119% → −0.002%: $12.13
Slippage, 4 orders: −$141.06
Fee Binance: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$250.77
Costs to cover: 1.591%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; SoDEX: live order book, 30 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, 9 min ago	0.85 bp	12.0 bp −$12	42.8 bp −$428	doesn't fit	doesn't fit
Sell SoDEX live order book, 30 min ago	2.52 bp	66.3 bp −$66	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 +0.0033% / S −0.0032%	1h	0.5864	+0.073%	$233K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.869%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5866	+0.094%	$417K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5858	−0.034%	$19K	$438K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5873	+0.224%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5875	+0.249%	$69K	$131K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5862	+0.034%	$5.2M	$6.4M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5804	−0.951%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5874	+0.239%	—	$1.3M	10x	as long as short
SoDEX PONS-USDshort	+0.0100%	1h	0.5867	+0.119%	$25K	$582K	3x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5860	−0.005%	$64K	$526K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5867	+0.119%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0206%	1h	0.5868	+0.136%	$59.7M	$29.4M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5872	+0.205%	$366	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0392%	4h	0.5861	+0.017%	$13.3M	$55.5M	20x	as long as short
Aster PONSUSDT	+0.0472%	4h	0.5859	−0.017%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0584%	4h	0.5855	−0.091%	$20K	$295K	10x	as long as short
Extended PONS-USD	+0.0592%	1h	0.5863	+0.053%	$100K	$817K	5x	as long as short
MEXC PONS_USDT	+0.0594%	4h	0.5865	+0.085%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDTlong	+0.0594%	4h	0.5860	long leg	$37.2M	$98.4M	20x
Bitget PONSUSDT	+0.0604%	4h	0.5864	+0.073%	$4.6M	$12.1M	20x	as long as short
Variational Omni PONS	+0.0620%	4h	0.5850	−0.163%	$1.3M	$4.1M	—	as long as short
Lighter PONS	+0.0624%	1h	0.5870	+0.169%	$1.6M	$937K	3x	as long as short
KuCoin PONSUSDTM	+0.0712%	4h	0.5868	+0.140%	$1.6M	$3.8M	20x	as long as short
Pacifica PONS	+0.0715%	1h	0.5866	+0.096%	$45K	$69K	3x	as long as short
Polymarket Perps PONS-USD	+0.0742%	1h	0.5875	+0.261%	$112K	$1.9M	3x	as long as short
BloFin PONS-USDT	+0.0834%	4h	0.5868	+0.137%	$1.7M	$938K	20x	as long as short
BingX PONS-USDT	+0.0894%	4h	0.5861	+0.017%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0926%	4h	0.5861	+0.017%	$17.5M	$31.6M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5849	−0.193%	$44K	$121K	3x	as long as short