Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0754%/8h= −82.6% APRpaid last 24h −0.170%

Price spread now: Popdex against BloFin−0.118%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$230as in the Price arb table

costs, in and out, $10k−$2212.205% of the position

Long on BloFin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.602%−$60 on $10k

Price spread, last 4 days (all we have)−0.174%−$17 · spread now −0.118%, 7d avg −0.024%

Together, before fees−0.777%−$78 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Popdex is 0.093% cheaper against BloFin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.024%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PONS-USDT	0.5942	0.0850	pay 0.0425% / 4h	2h 56m	$1.7M	$946K	20x
Short	Popdex PONSUSDT	0.5935	0.0096	get 0.0012% / 1h	56m 13s	$21K	$417K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$158.42
Price spread: −0.118% → −0.024%: −$9.34
Slippage, 4 orders: −$202.14
Fee BloFin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$388.29
Costs to cover: 2.205%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Popdex: live order book, 58 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	0.84 bp	7.2 bp −$7	23.9 bp −$239	doesn't fit	doesn't fit
Sell Popdex live order book, 58 min ago	6.36 bp	121.8 bp −$122	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 +0.0033% / S −0.0032%	1h	0.5929	−0.211%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.463%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5934	−0.143%	$418K	$2.5M	3x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.5935	−0.118%	$21K	$417K	20x
Nado PONS-PERP	+0.0100%	1h	0.5934	−0.135%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5927	−0.252%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5914	−0.473%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5938	−0.076%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5927	−0.256%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5938	−0.059%	$26K	$543K	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	0.5943	+0.024%	$65K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5936	−0.101%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5931	−0.190%	$369	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0387%	4h	0.5937	−0.084%	$13.5M	$54.8M	20x	as long as short
Hyperliquid PONS	+0.0392%	1h	0.5937	−0.091%	$60.2M	$28.9M	3x	as long as short
Variational Omni PONS	+0.0495%	4h	0.5904	−0.640%	$1.4M	$4.1M	—	as long as short
Aster PONSUSDT	+0.0503%	4h	0.5936	−0.106%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0548%	4h	0.5940	−0.037%	$4.6M	$11.7M	20x	as long as short
Lighter PONS	+0.0608%	1h	0.5937	−0.079%	$1.6M	$884K	3x	as long as short
MEXC PONS_USDT	+0.0610%	4h	0.5936	−0.101%	$7.6M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0614%	4h	0.5909	−0.561%	$18K	$294K	10x	as long as short
Binance PONSUSDT	+0.0621%	4h	0.5937	−0.076%	$38.8M	$94.7M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.5938	−0.061%	$106K	$807K	5x	as long as short
Pacifica PONS	+0.0715%	1h	0.5933	−0.147%	$46K	$68K	3x	as long as short
BingX PONS-USDT	+0.0738%	4h	0.5940	−0.034%	—	$3.0M	—	as long as short
KuCoin PONSUSDTM	+0.0746%	4h	0.5935	−0.113%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0824%	1h	0.5934	−0.135%	$88K	$1.7M	3x	as long as short
Bybit PONSUSDT	+0.0828%	4h	0.5938	−0.067%	$17.8M	$31.0M	20x	as long as short
BloFin PONS-USDTlong	+0.0850%	4h	0.5942	long leg	$1.7M	$946K	20x
Phoenix PONS	+0.1586%	1h	0.5915	−0.453%	$45K	$121K	3x	as long as short