Funding arb · Price arb / Crypto

PONS

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LONGDeribit▾Injective −0.5000%Phoenix −0.0070%Popdex +0.0096%Nado +0.0100%Hyperliquid +0.0100%Pacifica +0.0100%Binance +0.0100%Bybit +0.0100%OKX +0.0100%Arcus +0.0100%MEXC +0.0100%Bitget +0.0100%BingX +0.0100%Variational Omni +0.0100%ApeX Omni +0.0100%Polymarket Perps +0.0100%Orderly +0.0100%SunX +0.0100%SoDEX +0.0100%HTX +0.0100%Phemex +0.0100%TxFlow +0.0100%AZverse +0.0100%edgeX +0.0102%Lighter +0.0104%Extended +0.0104%Aevo +0.0104%Aster +0.0141%KuCoin +0.0188%Avantis +0.0237%BloFin +0.0400%Deribit +0.0623%Gate +0.1146%Kraken Futures +0.2806%

⇄⇅

SHORTLighter RH▾Kraken Futures +0.2806%Gate +0.1146%BloFin +0.0400%KuCoin +0.0188%Aster +0.0141%Lighter +0.0104%Extended +0.0104%Aevo +0.0104%edgeX +0.0102%Hyperliquid +0.0100%Pacifica +0.0100%Binance +0.0100%Bybit +0.0100%OKX +0.0100%Arcus +0.0100%MEXC +0.0100%Bitget +0.0100%BingX +0.0100%Variational Omni +0.0100%ApeX Omni +0.0100%Polymarket Perps +0.0100%Orderly +0.0100%SunX +0.0100%SoDEX +0.0100%HTX +0.0100%Phemex +0.0100%TxFlow +0.0100%AZverse +0.0100%Nado +0.0100%Popdex +0.0096%Lighter RH +0.0096%Avantis +0.0037%Phoenix −0.0070%Injective −0.5000%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	DeribitPONS_USDC-PERPETUAL	0.2292	+0.0623	pay 0.0078% / 1h	52m 08s	$12K	$161K	25x	Long Deribit
SHORT	Lighter RHPONS	0.2284	+0.0096	get 0.0012% / 1h	52m 08s	$214K	$1.6M	3x	Short Lighter RH+10% pts

Price gap−0.353%

Funding gap−0.0527% /8h

Both sides work against this direction now: funding costs $16 a day on $10k and the gap is 0.463% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid −0.358% in total, about −0.0170%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−0.353%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

DeribitLighter RH

PONS on 35 exchanges

lowest funding first

Before you open

2 ok · 4 to watch

• !
  Watch: Thin at this size23.2 / 7.5 bp

  At $10k entering Deribit costs 23.2 bp, fee and slippage, 3.1× Lighter RH’s.
• i
  Note: Margin at max leverage$400 + $3,333

  Deribit 25x, Lighter RH 3x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Deribit · 1h−$18.70

  Short Lighter RH · 1h+$2.88

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$15.82Long Deribit: 24 payments, −$18.70; short Lighter RH: 24 payments, +$2.88.
• !
  Watch: Gap narrower than usual−0.353% vs +0.110%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• !
  Watch: Long leg is thinner$12K vs $214K OI

  Deribit sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legLighter RH Points live

  Volume here counts toward the points program.
• !
  Watch: KYCDeribit Yes · Lighter RH No

  ID, proof of address and a financial profile before any deposit; not for the US, Canada, Japan or retail UK clients.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned−0.0170%/8h × 21 periods−$35.80

Price spread−0.353% → +0.110% (7d avg)−$46.34

Slippage, 4 orderslive order books−$57.67

Fee Deribit bp × 2 orders−$7.00

Fee Lighter RH bp × 2 orders$0.00

Net · 7 days · $10k−$146.81

Costs to cover0.647%Break-evennever at this rate

Slippage: Deribit: live order book, 35 min ago; Lighter RH: live order book, 4 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGDeribit19.6623.2 bp−$23doesn’t fitdoesn’t fitdoesn’t fit

SELL · SHORTLighter RH5.897.5 bp−$842.7 bp−$427doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

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PONS news

posts that mention PONS, from every exchangeSearch all news →

10-22 07:46	Phemex	Listing	Spot New Listing - robinhood:0x39dbed3a2bd333467115de45665cc57f813c4571 | @ponsdotfamily - Trading Pair: PONS/USDT - Trading Starts: 9:00 UTC, 22 Oct Trade it here ➡️ @Phemex_official on X ↗
10-15 10:02	Deribit	Listing	🚨 Now live on Deribit: PONS and CASHCAT USDC settled perpetuals. ↓ @DeribitOfficial on X ↗
10-15 10:01	Deribit	Listing	new market PONS_USDC-PERPETUAL ($PONS) seen by our collector
10-05 02:16	SoDEX	Other	📊 SoDEX 24h Movers | Mon, Oct 5 73 of 92 perp markets are higher. Can the broad advance hold through this week's macro releases? Market notes $AXS: Price rose on declining volume, alongside negative funding and net exchange inflows. The advance lacked stronger volume confirmation. $PENGU: Stonk launched a "Community Coins" mode on Solana, making PENGU holders eligible to share rewards from newly issued meme tokens. $PONS: Trader Bonk Guy's portfolio is down ~$13.9M from its Sept 6 peak. PONS remains his largest holding at $4.51M. This week's watchlist Mon, Oct 5, 14:00 UTC: US ISM Services PMI Wed, Oct 7, 18:00 UTC: FOMC minutes Fri, Oct 9: Michigan consumer sentiment preliminary release 73 up / 19 down / 0 flat across 92 perp markets. 24 also trade spot. Trade 👉 @sodex_official on X ↗
09-29 02:27	Arcus	Listing	$PONS perpetuals are now live on Arcus. Up to 4x leverage. @arcus_xyz on X ↗
09-28 19:23	Arcus	Listing	new market PONS-USD ($PONS) seen by our collector