Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0132%/8h= +14.5% APRpaid last 24h +0.091%

Price spread now: Lighter RH against Bitget−0.030%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on Bitget Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 7 days+0.015%+$1 · spread now −0.030%, 7d avg −0.005%

Together, before fees+0.071%+ Points / potential airdropLighter RH: Points live · farm board+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.025% cheaper against Bitget than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of −0.005%). If the spread goes back, that is −$2 on $10k: about 15 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.057% in total) that is about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PONSUSDT	0.6093	0.0100	pay 0.0050% / 4h	57m 47s	$4.8M	$11.7M	20x
Short	Lighter RH PONS	0.6091	0.0232	get 0.0029% / 1h	57m 47s	$430K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Bitget. 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 BitgetbpFee Lighter RHbpOrdersPrice spread, now −0.030%Rate

Funding earned: $27.72
Price spread: −0.030% → −0.005%: −$2.48
Slippage, 4 orders: −$46.32
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$33.08
Costs to cover: 0.583%
Break-even: 15.4 days

Slippage from Bitget: live order book, 1 min ago; Lighter RH: 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 Bitget live order book, 1 min ago	3.04 bp	22.4 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	3.53 bp	5.9 bp −$6	69.1 bp −$691	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.022%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.6082	−0.176%	$229K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6096	+0.054%	$21K	$448K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6090	−0.039%	$86K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6087	−0.094%	$18.4M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6086	−0.110%	$13.8M	$57.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6093	+0.010%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDTlong	+0.0100%	4h	0.6093	long leg	$4.8M	$11.7M	20x
Variational Omni PONS	+0.0100%	4h	0.6093	+0.008%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6050	−0.693%	$35K	$356K	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	0.6099	+0.102%	$3K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6099	+0.108%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6088	−0.074%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6096	+0.049%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6084	−0.143%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0144%	1h	0.6091	−0.028%	$379	—	3x	as long as short
Aster PONSUSDT	+0.0193%	4h	0.6094	+0.017%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0195%	4h	0.6058	−0.577%	$21K	$294K	10x	as long as short
BingX PONS-USDT	+0.0202%	4h	0.6090	−0.044%	—	$3.1M	—	as long as short
Lighter RH PONSshort	+0.0232%	1h	0.6091	−0.030%	$430K	$2.6M	3x
Extended PONS-USD	+0.0248%	1h	0.6089	−0.062%	$253K	$680K	5x	as long as short
MEXC PONS_USDT	+0.0250%	4h	0.6093	+0.005%	$8.1M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0251%	4h	0.6090	−0.040%	$39.7M	$98.7M	20x	as long as short
Lighter PONS	+0.0296%	1h	0.6093	+0.002%	$1.7M	$921K	3x	as long as short
BloFin PONS-USDT	+0.0491%	4h	0.6097	+0.071%	$1.7M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0533%	1h	0.6096	+0.059%	$40K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0720%	1h	0.6094	+0.018%	$61.8M	$30.6M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6090	−0.047%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.6074	−0.313%	$31K	$95K	3x	as long as short
Gate PONS_USDT	+0.1760%	4h	0.6091	−0.028%	$5.3M	$6.2M	20x	as long as short