Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0416%/8h= −45.6% APRpaid last 24h +0.058%

Price spread now: Lighter RH against BingX−0.059%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on BingX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.208%−$21 on $10k

Price spread, last 4 days (all we have)+0.296%+$30 · spread now −0.059%, 7d avg +0.005%

Together, before fees+0.088%+ Points / potential airdropLighter RH: Points live · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Lighter RH is 0.064% cheaper against BingX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.208% in total (about -10.9% 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	0.6137	0.0560	pay 0.0280% / 4h	3h 14m	—	$3.1M	—
Short	Lighter RH PONS	0.6133	0.0144	get 0.0018% / 1h	14m 15s	$434K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$87.36
Price spread: −0.059% → +0.005%: −$6.38
Slippage, 4 orders: −$26.34
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$130.08
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Lighter RH: 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, 6 min ago	0.82 bp	10.3 bp −$10	28.6 bp −$286	370.2 bp −$37.0K	doesn't fit
Sell Lighter RH live order book, 4 min ago	4.92 bp	8.7 bp −$9	60.0 bp −$600	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 −0.0033%	1h	0.6122	−0.250%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.729%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6125	−0.196%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6089	−0.789%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6088	−0.800%	$33K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6137	+0.003%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6119	−0.300%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6133	−0.070%	$28K	$542K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6128	−0.147%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6126	−0.179%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONSshort	+0.0144%	1h	0.6133	−0.059%	$434K	$2.6M	3x
Aevo PONS-PERP	+0.0176%	1h	0.6130	−0.121%	$382	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0194%	4h	0.6136	−0.016%	$14.0M	$56.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0206%	4h	0.6125	−0.202%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0268%	4h	0.6137	−0.007%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0293%	4h	0.6128	−0.150%	$1.1M	$2.1M	20x	as long as short
edgeX PONSUSDC	+0.0363%	4h	0.6098	−0.640%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0372%	4h	0.6137	0.000%	$8.0M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0376%	1h	0.6132	−0.076%	$253K	$678K	5x	as long as short
Binance PONSUSDT	+0.0377%	4h	0.6137	0.000%	$40.3M	$96.3M	20x	as long as short
Lighter PONS	+0.0472%	1h	0.6134	−0.051%	$1.7M	$937K	3x	as long as short
BingX PONS-USDTlong	+0.0560%	4h	0.6137	long leg	—	$3.1M	—
Nado PONS-PERP	+0.0605%	1h	0.6125	−0.203%	$106K	$115K	5x	as long as short
BloFin PONS-USDT	+0.0614%	4h	0.6108	−0.473%	$1.8M	$993K	20x	as long as short
Bybit PONSUSDT	+0.0624%	4h	0.6134	−0.049%	$18.4M	$30.9M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6111	−0.430%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0781%	1h	0.6125	−0.202%	$45K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0873%	1h	0.6129	−0.125%	$62.3M	$29.1M	3x	as long as short
Gate PONS_USDT	+0.0900%	4h	0.6115	−0.358%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6094	−0.706%	$32K	$113K	3x	as long as short