Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.013%

Price spread now: Hyperliquid against BloFin−0.110%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$530.530% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.524%−$52 on $10k

Price spread, last 3 days (all we have)−0.279%−$28 · spread now −0.110%, 7d avg −0.045%

Together, before fees−0.803%+ Points / potential airdropHyperliquid: Season 2 · farm board−$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.066% cheaper against BloFin than usual: you would sell low and buy high (spread −0.110% now, against its 7-day average of −0.045%). If the spread goes back, that is −$7 on $10k: about 3.4 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.524%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PONS-USDT	0.5890	0.0422	pay 0.0211% / 4h	2h 12m	$1.7M	$964K	20x
Short	Hyperliquid PONS	0.5884	0.0487	get 0.0061% / 1h	12m 52s	$59.0M	$30.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.110%Rate

Funding earned: $13.64
Price spread: −0.110% → −0.045%: −$6.58
Slippage, 4 orders: −$32
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$45.95
Costs to cover: 0.530%
Break-even: 30.6 days

Slippage from BloFin: live order book, 5 min ago; Hyperliquid: live order book, 11 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 BloFin live order book, 5 min ago	3.38 bp	11.7 bp −$12	29.9 bp −$299	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.09 bp	14.0 bp −$14	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	0.5879	−0.178%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.503%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5887	−0.051%	$21K	$443K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5876	−0.238%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5877	−0.221%	$13.4M	$55.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5879	−0.194%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5880	−0.170%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5905	+0.259%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5909	+0.324%	$34K	$336K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5884	−0.102%	$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	0.5900	+0.175%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5879	−0.192%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5899	+0.148%	$63K	$505K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5875	−0.255%	$1.6M	$3.3M	20x	as long as short
Nado PONS-PERP	+0.0103%	1h	0.5892	+0.034%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5883	−0.115%	$367	—	3x	as long as short
BingX PONS-USDT	+0.0178%	4h	0.5875	−0.255%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0180%	4h	0.5879	−0.186%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0180%	4h	0.5876	−0.238%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0182%	4h	0.5876	−0.233%	$38.2M	$98.3M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5878	−0.211%	$106K	$533K	5x	as long as short
edgeX PONSUSDC	+0.0194%	4h	0.5909	+0.316%	$21K	$294K	10x	as long as short
Polymarket Perps PONS-USD	+0.0364%	1h	0.5886	−0.063%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDTlong	+0.0422%	4h	0.5890	long leg	$1.7M	$964K	20x
Pacifica PONS	+0.0474%	1h	0.5893	+0.055%	$47K	$103K	3x	as long as short
Hyperliquid PONSshort	+0.0487%	1h	0.5884	−0.110%	$59.0M	$30.1M	3x
Lighter RH PONS	+0.0560%	1h	0.5880	−0.168%	$413K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0784%	4h	0.5877	−0.221%	$5.1M	$6.8M	20x	as long as short
Lighter PONS	+0.1008%	1h	0.5884	−0.109%	$1.7M	$889K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5911	+0.350%	$30K	$86K	3x	as long as short