Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.120%

Price spread now: Popdex against Bitget+0.019%7-day average −0.023% · 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−$239as in the Price arb table

costs, in and out, $10k−$2442.435% of the position

Long on Bitget Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.393%−$39 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now +0.019%, 7d avg −0.023%

Together, before fees−0.452%−$45 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: Popdex is 0.042% dearer against Bitget than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PONSUSDT	0.5919	0.0100	pay 0.0050% / 4h	2h 56m	$4.6M	$11.6M	20x
Short	Popdex PONSUSDT	0.5920	0.0096	get 0.0012% / 1h	56m 06s	$21K	$459K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$0.84
Price spread: +0.019% → −0.023%: $4.2
Slippage, 4 orders: −$225.11
Fee Bitget: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$240.15
Costs to cover: 2.435%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Popdex: live order book, 32 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, 2 min ago	1.77 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 32 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	0.5918	−0.019%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.012%	$609	$6K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.5920	+0.019%	$21K	$459K	20x
Bybit PONSUSDT	+0.0100%	4h	0.5918	−0.015%	$18.0M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5915	−0.066%	$13.6M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5923	+0.071%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDTlong	+0.0100%	4h	0.5919	long leg	$4.6M	$11.6M	20x
Variational Omni PONS	+0.0100%	4h	0.5963	+0.738%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5963	+0.752%	$34K	$326K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5929	+0.167%	$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	0.5924	+0.086%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5920	+0.024%	$27K	$535K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5938	+0.323%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5922	+0.052%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5926	+0.119%	$369	—	3x	as long as short
Lighter RH PONS	+0.0152%	1h	0.5922	+0.046%	$398K	$2.6M	3x	as long as short
Binance PONSUSDT	+0.0182%	4h	0.5920	+0.019%	$38.6M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5922	+0.058%	$106K	$529K	5x	as long as short
BingX PONS-USDT	+0.0188%	4h	0.5919	+0.002%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0190%	4h	0.5918	−0.015%	$7.8M	$5.1M	20x	as long as short
edgeX PONSUSDC	+0.0206%	4h	0.5961	+0.709%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0250%	4h	0.5922	+0.045%	$1.1M	$2.2M	20x	as long as short
Gate PONS_USDT	+0.0306%	4h	0.5921	+0.035%	$5.2M	$6.7M	20x	as long as short
Polymarket Perps PONS-USD	+0.0314%	1h	0.5921	+0.029%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0431%	4h	0.5934	+0.255%	$1.7M	$988K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5928	+0.148%	$47K	$102K	3x	as long as short
Nado PONS-PERP	+0.0520%	1h	0.5925	+0.098%	$90K	$103K	5x	as long as short
Hyperliquid PONS	+0.0744%	1h	0.5922	+0.056%	$59.3M	$29.7M	3x	as long as short
Lighter PONS	+0.1016%	1h	0.5927	+0.130%	$1.7M	$879K	3x	as long as short
Phoenix PONS	+0.1232%	1h	0.5931	+0.211%	$27K	$86K	3x	as long as short