Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.1175%/8h= +128.7% APRpaid last 24h +0.286%

Price spread now: Phoenix against Bitget+0.377%109s7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.639%+$164 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Phoenix is 0.377% dearer against Bitget than usual: you sell high and buy low: +$38 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 109 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	0.5888	0.0100	pay 0.0050% / 4h	2h 13m	$4.6M	$11.7M	20x
Short	Phoenix PONS	0.5911	0.1275	get 0.0159% / 1h	13m 45s	$30K	$86K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.377%Rate

Funding earned: $246.85
Price spread: +0.377% → 0.000%: $37.7
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $265.55
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Bitget: live order book, 5 min ago; Phoenix: 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, 5 min ago	2.71 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0034%	1h	0.5897	+0.151%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.530%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5903	+0.248%	$21K	$444K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5890	+0.027%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5887	−0.024%	$13.4M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5895	+0.119%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDTlong	+0.0100%	4h	0.5888	long leg	$4.6M	$11.7M	20x
Variational Omni PONS	+0.0100%	4h	0.5905	+0.286%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5907	+0.316%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5911	+0.386%	$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	0.5907	+0.319%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5903	+0.239%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5903	+0.255%	$64K	$505K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5898	+0.163%	$1.6M	$3.3M	20x	as long as short
Nado PONS-PERP	+0.0102%	1h	0.5902	+0.231%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5904	+0.267%	$368	—	3x	as long as short
BingX PONS-USDT	+0.0178%	4h	0.5888	−0.007%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0180%	4h	0.5898	+0.161%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0180%	4h	0.5894	+0.095%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0182%	4h	0.5892	+0.061%	$38.3M	$98.3M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5891	+0.036%	$106K	$533K	5x	as long as short
edgeX PONSUSDC	+0.0197%	4h	0.5908	+0.338%	$21K	$294K	10x	as long as short
Polymarket Perps PONS-USD	+0.0370%	1h	0.5903	+0.248%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0420%	4h	0.5913	+0.418%	$1.7M	$967K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5893	+0.083%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0490%	1h	0.5900	+0.190%	$59.1M	$30.1M	3x	as long as short
Lighter RH PONS	+0.0584%	1h	0.5897	+0.146%	$415K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0784%	4h	0.5884	−0.075%	$5.1M	$6.8M	20x	as long as short
Lighter PONS	+0.1008%	1h	0.5898	+0.161%	$1.7M	$889K	3x	as long as short
Phoenix PONSshort	+0.1275%	1h	0.5911	+0.377%	$30K	$86K	3x