Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.160%

Price spread now: Popdex against BingX+0.963%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$2312.310% of the position

Long on BingX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.479%−$48 on $10k

Price spread, last 3 days (all we have)−0.900%−$90 · spread now +0.963%, 7d avg −0.017%

Together, before fees−1.380%−$138 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.980% dearer against BingX than usual: you sell high and buy low (spread +0.963% now, against its 7-day average of −0.017%): +$98 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 43 days. At the pace of the last 3 days (−0.479% in total) that is about 6.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PONS-USDT	0.5817	0.0172	pay 0.0086% / 4h	2h 46m	—	$3.1M	—
Short	Popdex PONSUSDT	0.5873	0.0096	get 0.0012% / 1h	46m 42s	$21K	$454K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.963%Rate

Funding earned: −$15.96
Price spread: +0.963% → −0.017%: $97.97
Slippage, 4 orders: −$214.64
Fee BingX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$149.03
Costs to cover: 2.310%
Break-even: never at this rate

Slippage from BingX: live order book, 3 min ago; Popdex: live order book, 42 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, 3 min ago	1.70 bp	11.7 bp −$12	36.8 bp −$368	258.2 bp −$25.8K	doesn't fit
Sell Popdex live order book, 42 min ago	7.52 bp	104.8 bp −$105	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	0.5871	+0.924%	$215K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+1.764%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5820	+0.050%	$392K	$2.6M	3x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.5873	+0.963%	$21K	$454K	20x
Bybit PONSUSDT	+0.0100%	4h	0.5813	−0.069%	$17.6M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5814	−0.052%	$13.3M	$55.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5823	+0.110%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5817	+0.003%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5902	+1.453%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5913	+1.654%	$34K	$327K	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	0.5879	+1.074%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5871	+0.928%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5872	+0.942%	$27K	$536K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5886	+1.184%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5876	+1.014%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5873	+0.962%	$366	—	3x	as long as short
Binance PONSUSDT	+0.0151%	4h	0.5821	+0.061%	$37.9M	$98.1M	20x	as long as short
Extended PONS-USD	+0.0152%	1h	0.5829	+0.208%	$104K	$529K	5x	as long as short
MEXC PONS_USDT	+0.0154%	4h	0.5827	+0.172%	$7.5M	$5.2M	20x	as long as short
edgeX PONSUSDC	+0.0167%	4h	0.5883	+1.141%	$21K	$294K	10x	as long as short
BingX PONS-USDTlong	+0.0172%	4h	0.5817	long leg	—	$3.1M	—
Aster PONSUSDT	+0.0204%	4h	0.5828	+0.191%	$1.1M	$2.2M	20x	as long as short
Nado PONS-PERP	+0.0218%	1h	0.5871	+0.934%	$89K	$103K	5x	as long as short
Polymarket Perps PONS-USD	+0.0345%	1h	0.5872	+0.944%	$38K	$1.8M	3x	as long as short
Gate PONS_USDT	+0.0376%	4h	0.5828	+0.189%	$5.1M	$6.8M	20x	as long as short
BloFin PONS-USDT	+0.0396%	4h	0.5878	+1.049%	$1.7M	$962K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5874	+0.984%	$46K	$102K	3x	as long as short
Hyperliquid PONS	+0.0554%	1h	0.5818	+0.010%	$58.1M	$29.9M	3x	as long as short
Lighter PONS	+0.0656%	1h	0.5823	+0.096%	$1.7M	$880K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5909	+1.590%	$27K	$86K	3x	as long as short