Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0289%/8h= +31.7% APRpaid last 24h +0.005%

Price spread now: Polymarket Perps against BingX−0.037%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on BingX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.819%+$82 · spread now −0.037%, 7d avg +0.004%

Together, before fees+0.721%+$72 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.041% cheaper against BingX than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of +0.004%). If the spread goes back, that is −$4 on $10k: about 11 hours of funding at the current rate (+$9 a day). Mind the row above: over the last 7 days funding on this pair cost −0.098%, 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 -0.098% in total (about -5.1% 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	0.6000	0.0498	pay 0.0249% / 4h	1h 43m	—	$3.0M	—
Short	Polymarket Perps PONS-USD	0.5998	0.0787	get 0.0098% / 1h	43m 33s	$49K	$1.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.037%Rate

Funding earned: $60.75
Price spread: −0.037% → +0.004%: −$4.11
Slippage, 4 orders: −$22.75
Fee BingX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $15.89
Costs to cover: 0.408%
Break-even: 5.2 days

Slippage from BingX: live order book, 6 min ago; Polymarket Perps: live order book, 5 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	4.19 bp	13.7 bp −$14	33.9 bp −$339	448.2 bp −$44.8K	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	2.01 bp	6.0 bp −$6	6.9 bp −$69	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	0.5976	−0.399%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.508%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5997	−0.048%	$420K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5999	−0.017%	$20K	$424K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5979	−0.353%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5992	−0.135%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5983	−0.287%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5991	−0.155%	$26K	$517K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6005	+0.082%	$64K	$507K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5991	−0.150%	$1.6M	$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 PONS	+0.0104%	1h	0.5995	−0.080%	$1.7M	$874K	3x	as long as short
Variational Omni PONS	+0.0105%	4h	0.5961	−0.651%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5990	−0.166%	$373	—	3x	as long as short
Nado PONS-PERP	+0.0248%	1h	0.6000	−0.003%	$70K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0278%	4h	0.5998	−0.033%	$13.7M	$54.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0346%	4h	0.6001	+0.022%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0388%	4h	0.6004	+0.065%	$4.7M	$11.2M	20x	as long as short
Aster PONSUSDT	+0.0416%	4h	0.5999	−0.009%	$1.1M	$2.0M	20x	as long as short
MEXC PONS_USDT	+0.0460%	4h	0.6001	+0.017%	$7.7M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0464%	1h	0.5999	−0.010%	$248K	$670K	5x	as long as short
Gate PONS_USDT	+0.0466%	4h	0.5994	−0.100%	$5.2M	$6.2M	20x	as long as short
Binance PONSUSDT	+0.0471%	4h	0.6000	0.000%	$39.2M	$93.7M	20x	as long as short
edgeX PONSUSDC	+0.0479%	4h	0.5984	−0.264%	$18K	$295K	10x	as long as short
Bybit PONSUSDT	+0.0491%	4h	0.5997	−0.050%	$18.0M	$30.3M	20x	as long as short
BingX PONS-USDTlong	+0.0498%	4h	0.6000	long leg	—	$3.0M	—
BloFin PONS-USDT	+0.0701%	4h	0.5986	−0.233%	$1.8M	$953K	20x	as long as short
Hyperliquid PONS	+0.0717%	1h	0.5998	−0.038%	$61.1M	$27.8M	3x	as long as short
Pacifica PONS	+0.0755%	1h	0.5999	−0.024%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USDshort	+0.0787%	1h	0.5998	−0.037%	$49K	$1.6M	3x
Phoenix PONS	+0.1639%	1h	0.5984	−0.268%	$31K	$98K	3x	as long as short