Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0400%/8h= −43.8% APRpaid last 24h −0.067%

Price spread now: Lighter RH against BloFin−0.197%91s7-day average −0.012% · 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—prices read too far apart to compare

costs, in and out, $10k−$500.500% of the position

Long on BloFin Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.552%−$55 on $10k

Price spread, last 4 days (all we have)−0.217%−$22 · spread now −0.197%, 7d avg −0.012%

Together, before fees−0.770%+ Points / potential airdropLighter RH: Points live · farm board−$77 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Lighter RH is 0.185% cheaper against BloFin than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.012%). Swap the legs. The two prices were read 91 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	BloFin PONS-USDT	0.6398	0.0992	pay 0.0496% / 4h	3h 03m	$1.9M	$1.1M	20x
Short	Lighter RH PONS	0.6385	0.0592	get 0.0074% / 1h	3m 37s	$435K	$2.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$83.92
Price spread: −0.197% → −0.012%: −$18.49
Slippage, 4 orders: −$37.95
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$152.36
Costs to cover: 0.500%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Lighter RH: live order book, 4 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, 4 min ago	2.35 bp	16.4 bp −$16	40.1 bp −$401	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	6.99 bp	9.2 bp −$9	33.7 bp −$337	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 −0.0030%	1h	0.6376	−0.344%	$251K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−7.182%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6400	+0.031%	$20K	$423K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6396	−0.031%	$74K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6387	−0.177%	$32K	$289K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6396	−0.028%	$75K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6395	−0.044%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6392	−0.097%	—	$1.1M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6386	−0.189%	$27K	$623K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6403	+0.084%	$67K	$529K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6385	−0.203%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0264%	1h	0.6384	−0.219%	$398	—	3x	as long as short
Hyperliquid PONS	+0.0394%	1h	0.6381	−0.258%	$65.4M	$30.9M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0484%	4h	0.6400	+0.031%	$14.7M	$61.6M	20x	as long as short
Aster PONSUSDT	+0.0509%	4h	0.6387	−0.170%	$1.2M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0572%	4h	0.6389	−0.141%	$1.8M	$4.2M	20x	as long as short
Lighter RH PONSshort	+0.0592%	1h	0.6385	−0.197%	$435K	$2.7M	3x
Variational Omni PONS	+0.0702%	4h	0.6380	−0.274%	$1.6M	$4.5M	—	as long as short
Extended PONS-USD	+0.0752%	1h	0.6393	−0.078%	$107K	$807K	5x	as long as short
Lighter PONS	+0.0752%	1h	0.6386	−0.189%	$1.8M	$880K	3x	as long as short
MEXC PONS_USDT	+0.0754%	4h	0.6397	−0.016%	$8.1M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0757%	4h	0.6395	−0.053%	$42.4M	$103.4M	20x	as long as short
edgeX PONSUSDC	+0.0759%	4h	0.6383	−0.230%	$19K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0780%	4h	0.6405	+0.114%	$5.2M	$13.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6391	−0.113%	$48K	$77K	3x	as long as short
BloFin PONS-USDTlong	+0.0992%	4h	0.6398	long leg	$1.9M	$1.1M	20x
BingX PONS-USDT	+0.1202%	4h	0.6396	−0.031%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.1264%	4h	0.6404	+0.094%	$19.5M	$33.2M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6377	−0.322%	$49K	$159K	3x	as long as short
Gate PONS_USDT	+0.3192%	4h	0.6399	+0.016%	$5.6M	$6.6M	20x	as long as short