Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0209%/8h= −22.9% APRpaid last 24h −0.139%

Price spread now: Injective against Bitget−2.038%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Injective is 2.038% cheaper against Bitget than usual: you would sell low and buy high (−$204 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PONSUSDT	0.6094	0.0162	pay 0.0081% / 4h	11m 24s	$4.7M	$11.7M	20x
Short	Injective PONS/USDC PERP	0.5969	−0.0047	pay 0.0006% / 1h	11m 24s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now −2.038%Rate

Funding earned: −$43.92
Price spread: −2.038% → 0.000%: −$203.82
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$259.76
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 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 Bitget live order book, 2 min ago	3.11 bp	17.9 bp −$18	doesn't fit	doesn't fit	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
Injective PONS/USDC PERPshort	−0.0047%	1h	0.5969	−2.038%	$614	$10K	5.5x
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6086	−0.127%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6094	+0.005%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6095	+0.021%	$20K	$426K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6091	−0.044%	$18.3M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6091	−0.044%	$13.9M	$57.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6091	−0.051%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6087	−0.112%	$32K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6100	+0.098%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6099	+0.087%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6093	−0.003%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6108	+0.238%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6093	−0.011%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0128%	4h	0.6092	−0.028%	$1.7M	$3.7M	20x	as long as short
Aster PONSUSDT	+0.0142%	4h	0.6091	−0.046%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6091	−0.044%	$379	—	3x	as long as short
Bitget PONSUSDTlong	+0.0162%	4h	0.6094	long leg	$4.7M	$11.7M	20x
Nado PONS-PERP	+0.0183%	1h	0.6095	+0.021%	$105K	$116K	5x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6094	+0.002%	$252K	$682K	5x	as long as short
MEXC PONS_USDT	+0.0296%	4h	0.6094	+0.005%	$8.0M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0299%	4h	0.6095	+0.021%	$39.9M	$98.4M	20x	as long as short
edgeX PONSUSDC	+0.0311%	4h	0.6094	+0.002%	$21K	$292K	10x	as long as short
BingX PONS-USDT	+0.0312%	4h	0.6095	+0.021%	—	$3.1M	—	as long as short
Lighter PONS	+0.0328%	1h	0.6093	−0.003%	$1.7M	$931K	3x	as long as short
BloFin PONS-USDT	+0.0539%	4h	0.6102	+0.136%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0644%	1h	0.6095	+0.026%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0845%	1h	0.6099	+0.089%	$62.1M	$30.1M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6094	0.000%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6100	+0.103%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2390%	4h	0.6090	−0.061%	$5.3M	$6.3M	20x	as long as short