Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h +0.017%

Price spread now: Lighter against BloFin+0.306%60s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as 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−$500.497% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)−0.609%−$61 · spread now +0.306%, 7d avg +0.020%

Together, before fees−0.661%+ Points / potential airdropLighter: Season 3 · farm board−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.286% dearer against BloFin than usual: you sell high and buy low (spread +0.306% now, against its 7-day average of +0.020%): +$29 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 7 days (−0.052% in total) that is about 39 days. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PONS-USDT	0.5850	0.0828	pay 0.0414% / 4h	2h 20m	$1.7M	$935K	20x
Short	Lighter PONS	0.5868	0.0632	get 0.0079% / 1h	20m 15s	$1.6M	$935K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.306%Rate

Funding earned: −$41.24
Price spread: +0.306% → +0.020%: $28.62
Slippage, 4 orders: −$37.72
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$62.33
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Lighter: live order book, 1 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, 2 min ago	3.43 bp	13.3 bp −$13	32.6 bp −$326	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	4.01 bp	11.3 bp −$11	23.6 bp −$236	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 +0.0033% / S −0.0032%	1h	0.5857	+0.128%	$233K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+2.043%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5863	+0.222%	$417K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5866	+0.274%	$18K	$437K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5871	+0.366%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5866	+0.269%	$69K	$131K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5866	+0.274%	$5.2M	$6.4M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5804	−0.781%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5867	+0.291%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5867	+0.282%	$25K	$582K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5862	+0.203%	$64K	$526K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5867	+0.291%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0216%	1h	0.5866	+0.272%	$59.7M	$29.4M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5873	+0.399%	$366	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0387%	4h	0.5868	+0.308%	$13.3M	$55.5M	20x	as long as short
Aster PONSUSDT	+0.0460%	4h	0.5860	+0.170%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0588%	4h	0.5869	+0.325%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0588%	4h	0.5870	+0.342%	$37.3M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0592%	1h	0.5868	+0.314%	$100K	$817K	5x	as long as short
Bitget PONSUSDT	+0.0598%	4h	0.5869	+0.326%	$4.6M	$12.1M	20x	as long as short
edgeX PONSUSDC	+0.0602%	4h	0.5804	−0.784%	$20K	$295K	10x	as long as short
Variational Omni PONS	+0.0620%	4h	0.5850	+0.008%	$1.3M	$4.1M	—	as long as short
Lighter PONSshort	+0.0632%	1h	0.5868	+0.306%	$1.6M	$935K	3x
Pacifica PONS	+0.0715%	1h	0.5867	+0.292%	$45K	$69K	3x	as long as short
KuCoin PONSUSDTM	+0.0716%	4h	0.5867	+0.291%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0741%	1h	0.5867	+0.299%	$110K	$1.9M	3x	as long as short
BloFin PONS-USDTlong	+0.0828%	4h	0.5850	long leg	$1.7M	$935K	20x
BingX PONS-USDT	+0.0894%	4h	0.5869	+0.325%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0918%	4h	0.5871	+0.359%	$17.6M	$31.6M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5822	−0.474%	$44K	$121K	3x	as long as short