Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.119%

Price spread now: Phemex against Bitget−0.320%46s7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$152as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1151.146% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.375%−$38 on $10k

Price spread, last 3 days (all we have)+0.424%+$42 · spread now −0.320%, 7d avg −0.027%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.293% cheaper against Bitget than usual: you would sell low and buy high, −$29 on $10k if it goes back to its 7-day average of −0.027%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PONSUSDT	0.5931	0.0100	pay 0.0050% / 4h	1h 50m	$4.7M	$11.7M	20x
Short	Phemex PONSUSDT	0.5912	0.0100	get 0.0050% / 4h	1h 50m	$1.6M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.320%Rate

Funding earned: $0
Price spread: −0.320% → −0.027%: −$29.34
Slippage, 4 orders: −$90.61
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$143.95
Costs to cover: 1.146%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Phemex: live order book, 3 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, 3 min ago	0.93 bp	12.3 bp −$12	60.7 bp −$607	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	6.76 bp	39.6 bp −$40	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	0.5904	−0.452%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−0.192%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5934	+0.051%	$21K	$440K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5931	0.000%	$17.7M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5932	+0.017%	$13.5M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5938	+0.121%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDTlong	+0.0100%	4h	0.5931	long leg	$4.7M	$11.7M	20x
Variational Omni PONS	+0.0100%	4h	0.5914	−0.278%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5908	−0.391%	$34K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5919	−0.197%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5916	−0.246%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5915	−0.270%	$27K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5920	−0.182%	$64K	$505K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.5912	−0.320%	$1.6M	$3.3M	20x
Aevo PONS-PERP	+0.0128%	1h	0.5911	−0.336%	$368	—	3x	as long as short
Aster PONSUSDT	+0.0135%	4h	0.5922	−0.153%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0164%	4h	0.5935	+0.067%	$38.6M	$97.8M	20x	as long as short
MEXC PONS_USDT	+0.0164%	4h	0.5934	+0.051%	$7.5M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5935	+0.068%	$106K	$523K	5x	as long as short
Nado PONS-PERP	+0.0169%	1h	0.5932	+0.023%	$90K	$103K	5x	as long as short
BingX PONS-USDT	+0.0174%	4h	0.5932	+0.017%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0192%	4h	0.5904	−0.458%	$21K	$293K	10x	as long as short
Lighter RH PONS	+0.0368%	1h	0.5932	+0.010%	$407K	$2.6M	3x	as long as short
BloFin PONS-USDT	+0.0405%	4h	0.5917	−0.236%	$1.7M	$975K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5935	+0.068%	$47K	$103K	3x	as long as short
Polymarket Perps PONS-USD	+0.0474%	1h	0.5935	+0.061%	$37K	$1.8M	3x	as long as short
Hyperliquid PONS	+0.0609%	1h	0.5937	+0.094%	$59.7M	$29.9M	3x	as long as short
Lighter PONS	+0.0776%	1h	0.5934	+0.049%	$1.7M	$984K	3x	as long as short
Gate PONS_USDT	+0.1092%	4h	0.5926	−0.084%	$5.2M	$6.4M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5917	−0.244%	$30K	$96K	3x	as long as short