Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0803%/8h= −87.9% APRpaid last 24h −0.151%

Price spread now: Injective against BingX+0.429%7-day average — · you sell dearer than you buy

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

Long on BingX 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

The price spread pays, funding is against you. Injective is 0.429% dearer against BingX than usual: you sell high and buy low (spread +0.429% now, against zero (this spread has no 7-day history yet)): +$43 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PONS-USDT	0.5944	0.0836	pay 0.0418% / 4h	3h 13m	—	$3.0M	—
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	13m 08s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +0.429%Rate

Funding earned: −$168.56
Price spread: +0.429% → 0.000%: $42.9
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$135.68
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: BingX: live order book, 6 min ago; 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 BingX live order book, 6 min ago	2.51 bp	11.2 bp −$11	39.5 bp −$395	409.7 bp −$41.0K	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 −0.0032%	1h	0.5940	−0.061%	$236K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	+0.429%	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5941	−0.052%	$419K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5950	+0.101%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5948	+0.072%	$70K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5956	+0.193%	$34K	$339K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5949	+0.093%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5949	+0.084%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5945	+0.017%	$26K	$537K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5966	+0.368%	$65K	$513K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5946	+0.034%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5944	+0.008%	$370	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0362%	4h	0.5939	−0.084%	$13.5M	$54.3M	20x	as long as short
Variational Omni PONS	+0.0455%	4h	0.5941	−0.043%	$1.4M	$4.0M	—	as long as short
Lighter PONS	+0.0472%	1h	0.5943	−0.017%	$1.6M	$894K	3x	as long as short
Hyperliquid PONS	+0.0480%	1h	0.5942	−0.027%	$60.7M	$28.1M	3x	as long as short
Aster PONSUSDT	+0.0512%	4h	0.5944	−0.007%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0538%	4h	0.5946	+0.034%	$4.6M	$11.6M	20x	as long as short
Gate PONS_USDT	+0.0576%	4h	0.5941	−0.050%	$5.2M	$6.2M	20x	as long as short
Extended PONS-USD	+0.0608%	1h	0.5948	+0.070%	$106K	$807K	5x	as long as short
MEXC PONS_USDT	+0.0608%	4h	0.5944	0.000%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0611%	4h	0.5946	+0.034%	$38.9M	$94.1M	20x	as long as short
edgeX PONSUSDC	+0.0635%	4h	0.5932	−0.194%	$18K	$294K	10x	as long as short
Polymarket Perps PONS-USD	+0.0733%	1h	0.5949	+0.089%	$81K	$1.7M	3x	as long as short
KuCoin PONSUSDTM	+0.0734%	4h	0.5943	−0.013%	$1.6M	$3.8M	20x	as long as short
Bybit PONSUSDT	+0.0756%	4h	0.5941	−0.050%	$17.7M	$30.5M	20x	as long as short
BingX PONS-USDTlong	+0.0836%	4h	0.5944	long leg	—	$3.0M	—
BloFin PONS-USDT	+0.0851%	4h	0.5949	+0.084%	$1.8M	$946K	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.5946	+0.042%	$46K	$68K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.5990	+0.774%	$45K	$109K	3x	as long as short