Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0842%/8h= +92.2% APRpaid last 24h +0.131%

Price spread now: Lighter against BingX+0.127%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.251%+$25 on $10k

Price spread, last 3 days (all we have)+0.004%$0 · spread now +0.127%, 7d avg +0.034%

Together, before fees+0.255%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and Lighter is 0.093% dearer against BingX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.034%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.251% in total (about 13.1% 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	0.5909	0.0190	pay 0.0095% / 4h	2h 52m	—	$3.1M	—
Short	Lighter PONS	0.5917	0.1032	get 0.0129% / 1h	52m 45s	$1.7M	$879K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.127%Rate

Funding earned: $176.82
Price spread: +0.127% → +0.034%: $9.31
Slippage, 4 orders: −$30.92
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $145.2
Costs to cover: 0.409%
Break-even: 1.3 days

Slippage from BingX: live order book, 12 min ago; Lighter: 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, 12 min ago	0.84 bp	8.9 bp −$9	29.9 bp −$299	416.4 bp −$41.6K	doesn't fit
Sell Lighter live order book, 4 min ago	3.88 bp	12.6 bp −$13	17.3 bp −$173	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	0.5910	+0.009%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.179%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5903	−0.102%	$21K	$459K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5908	−0.017%	$17.9M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5907	−0.034%	$13.5M	$55.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5913	+0.064%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5912	+0.052%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5929	+0.346%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5922	+0.223%	$34K	$326K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5916	+0.117%	$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	0.5921	+0.208%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5915	+0.102%	$27K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5936	+0.460%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5912	+0.051%	$1.7M	$3.3M	20x	as long as short
Lighter RH PONS	+0.0128%	1h	0.5914	+0.076%	$398K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5907	−0.032%	$368	—	3x	as long as short
Binance PONSUSDT	+0.0168%	4h	0.5911	+0.034%	$38.5M	$98.1M	20x	as long as short
MEXC PONS_USDT	+0.0174%	4h	0.5916	+0.118%	$7.7M	$5.1M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5916	+0.115%	$105K	$529K	5x	as long as short
BingX PONS-USDTlong	+0.0190%	4h	0.5909	long leg	—	$3.1M	—
edgeX PONSUSDC	+0.0197%	4h	0.5922	+0.228%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0225%	4h	0.5906	−0.058%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0330%	1h	0.5903	−0.102%	$38K	$1.8M	3x	as long as short
Nado PONS-PERP	+0.0338%	1h	0.5899	−0.164%	$89K	$103K	5x	as long as short
Gate PONS_USDT	+0.0364%	4h	0.5911	+0.034%	$5.2M	$6.7M	20x	as long as short
BloFin PONS-USDT	+0.0413%	4h	0.5919	+0.169%	$1.7M	$984K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5898	−0.192%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0727%	1h	0.5916	+0.112%	$59.3M	$29.5M	3x	as long as short
Lighter PONSshort	+0.1032%	1h	0.5917	+0.127%	$1.7M	$879K	3x
Phoenix PONS	+0.1275%	1h	0.5921	+0.200%	$27K	$86K	3x	as long as short