Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0893%/8h= +97.8% APRpaid last 24h +0.231%

Price spread now: Phoenix against BloFin−0.145%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs+$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$700.704% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.098%+$110 on $10k

Price spread, last 4 days (all we have)−0.358%−$36 · spread now −0.145%, 7d avg −0.037%

Together, before fees+0.740%+$74 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.108% cheaper against BloFin than usual: you would sell low and buy high (spread −0.145% now, against its 7-day average of −0.037%). If the spread goes back, that is −$11 on $10k: about 10 hours of funding at the current rate (+$27 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PONS-USDT	0.6015	0.0842	pay 0.0421% / 4h	0m 45s	$1.8M	$958K	20x
Short	Phoenix PONS	0.6006	0.1736	get 0.0217% / 1h	0m 45s	$35K	$104K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.145%Rate

Funding earned: $187.61
Price spread: −0.145% → −0.037%: −$10.81
Slippage, 4 orders: −$51.39
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $106.41
Costs to cover: 0.704%
Break-even: 3.0 days

Slippage from BloFin: live order book, 2 min ago; Phoenix: live order book, 49 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	0.83 bp	11.4 bp −$11	32.7 bp −$327	doesn't fit	doesn't fit
Sell Phoenix live order book, 49 min ago	4.57 bp	21.0 bp −$21	71.4 bp −$714	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	0.5998	−0.276%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.756%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6009	−0.100%	$21K	$435K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6025	+0.173%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6009	−0.101%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6009	−0.096%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6004	−0.183%	$26K	$538K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6019	+0.067%	$65K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6009	−0.100%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6007	−0.141%	$374	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PONS-PERP	+0.0298%	1h	0.6004	−0.183%	$70K	$129K	5x	as long as short
Variational Omni PONS	+0.0303%	4h	0.6008	−0.117%	$1.4M	$3.9M	—	as long as short
OKX PONS-USDT-SWAP	+0.0322%	4h	0.5999	−0.266%	$13.6M	$55.3M	20x	as long as short
Lighter PONS	+0.0376%	1h	0.6005	−0.168%	$1.6M	$897K	3x	as long as short
Lighter RH PONS	+0.0448%	1h	0.6006	−0.156%	$412K	$2.6M	3x	as long as short
Aster PONSUSDT	+0.0449%	4h	0.6006	−0.153%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0492%	4h	0.6007	−0.130%	$4.6M	$11.5M	20x	as long as short
Gate PONS_USDT	+0.0496%	4h	0.6003	−0.200%	$5.2M	$6.4M	20x	as long as short
Bybit PONSUSDT	+0.0507%	4h	0.6004	−0.183%	$17.9M	$30.9M	20x	as long as short
BingX PONS-USDT	+0.0572%	4h	0.6005	−0.166%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0600%	1h	0.6005	−0.160%	$108K	$813K	5x	as long as short
Binance PONSUSDT	+0.0602%	4h	0.6004	−0.183%	$39.3M	$95.3M	20x	as long as short
MEXC PONS_USDT	+0.0602%	4h	0.6007	−0.133%	$7.5M	$4.8M	20x	as long as short
edgeX PONSUSDC	+0.0606%	4h	0.6012	−0.057%	$18K	$293K	10x	as long as short
KuCoin PONSUSDTM	+0.0698%	4h	0.6006	−0.153%	$1.6M	$3.8M	20x	as long as short
Hyperliquid PONS	+0.0818%	1h	0.6004	−0.191%	$61.4M	$28.4M	3x	as long as short
BloFin PONS-USDTlong	+0.0842%	4h	0.6015	long leg	$1.8M	$958K	20x
Pacifica PONS	+0.0859%	1h	0.6007	−0.127%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0862%	1h	0.6012	−0.055%	$71K	$1.6M	3x	as long as short
Phoenix PONSshort	+0.1736%	1h	0.6006	−0.145%	$35K	$104K	3x