Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0311%/8h= +34.1% APRpaid last 24h +0.025%

Price spread now: Hyperliquid against BingX+0.156%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.156%, 7d avg −0.013%

Together, before fees−0.229%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.169% dearer against BingX than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.013%. Mind the row above: over the last 7 days funding on this pair cost −0.217%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.217% in total (about -11.3% 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	BingX PONS-USDT	0.5901	0.0182	pay 0.0091% / 4h	2h 19m	—	$3.1M	—
Short	Hyperliquid PONS	0.5910	0.0493	get 0.0062% / 1h	19m 37s	$59.2M	$30.0M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.156%Rate

Funding earned: $65.4
Price spread: +0.156% → −0.013%: $16.92
Slippage, 4 orders: −$26.72
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $36.6
Costs to cover: 0.457%
Break-even: 3.1 days

Slippage from BingX: live order book, 10 min ago; Hyperliquid: live order book, 4 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 BingX live order book, 10 min ago	0.85 bp	13.0 bp −$13	30.9 bp −$309	351.5 bp −$35.2K	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.09 bp	14.0 bp −$14	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	0.5895	−0.107%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.315%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5907	+0.102%	$21K	$446K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5906	+0.085%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5902	+0.017%	$17.6M	$31.9M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5905	+0.068%	$13.4M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5905	+0.063%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5907	+0.105%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5901	−0.005%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5904	+0.051%	$34K	$334K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5910	+0.154%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5906	+0.088%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5904	+0.058%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5904	+0.056%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5898	−0.051%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5904	+0.056%	$368	—	3x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5905	+0.075%	$106K	$533K	5x	as long as short
MEXC PONS_USDT	+0.0176%	4h	0.5906	+0.085%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0176%	4h	0.5909	+0.131%	$38.4M	$98.3M	20x	as long as short
BingX PONS-USDTlong	+0.0182%	4h	0.5901	long leg	—	$3.1M	—
Aster PONSUSDT	+0.0192%	4h	0.5903	+0.040%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0194%	4h	0.5905	+0.069%	$21K	$293K	10x	as long as short
Polymarket Perps PONS-USD	+0.0361%	1h	0.5907	+0.102%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0418%	4h	0.5909	+0.136%	$1.7M	$967K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5905	+0.073%	$47K	$103K	3x	as long as short
Hyperliquid PONSshort	+0.0493%	1h	0.5910	+0.156%	$59.2M	$30.0M	3x
Lighter RH PONS	+0.0616%	1h	0.5908	+0.117%	$417K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0704%	4h	0.5901	0.000%	$5.2M	$6.8M	20x	as long as short
Lighter PONS	+0.1024%	1h	0.5909	+0.134%	$1.7M	$886K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5904	+0.051%	$30K	$86K	3x	as long as short