Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0762%/8h= −83.4% APRpaid last 24h −0.181%

Price spread now: SoDEX against BloFin−0.080%56s7-day average −0.034% · 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—prices read too far apart to compare

costs, in and out, $10k−$1351.347% of the position

Long on BloFin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.545%−$54 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now −0.080%, 7d avg −0.034%

Together, before fees−0.499%−$50 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 SoDEX is 0.046% cheaper against BloFin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.034%). Swap the legs. The two prices were read 56 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	0.6229	0.0862	pay 0.0431% / 4h	3h 51m	$1.8M	$1.1M	20x
Short	SoDEX PONS-USD	0.6224	0.0100	get 0.0013% / 1h	51m 49s	$26K	$613K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$159.98
Price spread: −0.080% → −0.034%: −$4.61
Slippage, 4 orders: −$114.66
Fee BloFin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$299.25
Costs to cover: 1.347%
Break-even: never at this rate

Slippage from BloFin: live order book, 1 min ago; SoDEX: live order book, 47 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, 1 min ago	6.44 bp	17.0 bp −$17	36.7 bp −$367	doesn't fit	doesn't fit
Sell SoDEX live order book, 47 min ago	1.60 bp	61.4 bp −$61	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 −0.0030%	1h	0.6214	−0.237%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.664%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6211	−0.289%	$23K	$436K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6207	−0.352%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6232	+0.050%	$31K	$294K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6196	−0.538%	$72K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6222	−0.119%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6202	−0.435%	—	$1.2M	10x	as long as short
SoDEX PONS-USDshort	+0.0100%	1h	0.6224	−0.080%	$26K	$613K	3x
HTX PONS-USDT	+0.0100%	4h	0.6247	+0.292%	$66K	$534K	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	0.6221	−0.128%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6221	−0.125%	$388	—	3x	as long as short
Hyperliquid PONS	+0.0245%	1h	0.6220	−0.148%	$63.7M	$30.7M	3x	as long as short
Lighter RH PONS	+0.0304%	1h	0.6225	−0.058%	$420K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0385%	4h	0.6219	−0.161%	$14.1M	$61.0M	20x	as long as short
Aster PONSUSDT	+0.0445%	4h	0.6218	−0.182%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0484%	4h	0.6225	−0.071%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0516%	4h	0.6215	−0.217%	$1.6M	$4.3M	—	as long as short
Extended PONS-USD	+0.0616%	1h	0.6222	−0.111%	$104K	$825K	5x	as long as short
Binance PONSUSDT	+0.0619%	4h	0.6224	−0.080%	$40.7M	$104.5M	20x	as long as short
MEXC PONS_USDT	+0.0620%	4h	0.6224	−0.080%	$7.9M	$4.6M	20x	as long as short
edgeX PONSUSDC	+0.0633%	4h	0.6234	+0.084%	$21K	$291K	10x	as long as short
Bitget PONSUSDT	+0.0688%	4h	0.6226	−0.047%	$5.0M	$13.1M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6203	−0.423%	$47K	$77K	3x	as long as short
BloFin PONS-USDTlong	+0.0862%	4h	0.6229	long leg	$1.8M	$1.1M	20x
Lighter PONS	+0.1104%	1h	0.6224	−0.072%	$1.7M	$867K	3x	as long as short
Bybit PONSUSDT	+0.1279%	4h	0.6221	−0.128%	$18.7M	$32.9M	20x	as long as short
Gate PONS_USDT	+0.1692%	4h	0.6218	−0.177%	$5.4M	$6.3M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6261	+0.515%	$48K	$159K	3x	as long as short
BingX PONS-USDT	+0.2020%	4h	0.6217	−0.193%	—	$3.3M	—	as long as short