Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0249%/8h= +27.2% APRpaid last 24h +0.071%

Price spread now: Hyperliquid against edgeX+0.849%66s7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as 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−$670.674% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 4 days (all we have)−1.054%−$105 · spread now +0.849%, 7d avg +0.009%

Together, before fees−1.074%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$107 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.840% dearer against edgeX than usual: you sell high and buy low: +$84 more if the spread goes back to its 7-day average of +0.009%. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PONSUSDC	0.5921	0.0465	pay 0.0233% / 4h	1h 22m	$18K	$292K	10x
Short	Hyperliquid PONS	0.5971	0.0714	get 0.0089% / 1h	22m 12s	$60.8M	$27.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.849%Rate

Funding earned: $52.25
Price spread: +0.849% → +0.009%: $84.03
Slippage, 4 orders: −$49.38
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $68.89
Costs to cover: 0.674%
Break-even: from the start

Slippage from edgeX: live order book, 41 min ago; Hyperliquid: live order book, 11 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 edgeX live order book, 41 min ago	12.37 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	2.94 bp	12.4 bp −$12	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 −0.0033%	1h	0.5958	+0.631%	$236K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.817%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5969	+0.808%	$20K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5964	+0.724%	$5.2M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5925	+0.070%	$32K	$352K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5974	+0.886%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5972	+0.854%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5970	+0.830%	$26K	$521K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5982	+1.023%	$64K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5972	+0.859%	$1.6M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0160%	1h	0.5966	+0.754%	$406K	$2.5M	3x	as long as short
Variational Omni PONS	+0.0169%	4h	0.5906	−0.251%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5965	+0.744%	$372	—	3x	as long as short
Nado PONS-PERP	+0.0218%	1h	0.5966	+0.758%	$70K	$129K	5x	as long as short
Lighter PONS	+0.0240%	1h	0.5969	+0.817%	$1.6M	$875K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0300%	4h	0.5962	+0.690%	$13.6M	$54.1M	20x	as long as short
Aster PONSUSDT	+0.0396%	4h	0.5965	+0.747%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0404%	4h	0.5974	+0.888%	$4.6M	$11.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0420%	4h	0.5971	+0.840%	$1.7M	$3.7M	20x	as long as short
edgeX PONSUSDClong	+0.0465%	4h	0.5921	long leg	$18K	$292K	10x
MEXC PONS_USDT	+0.0474%	4h	0.5973	+0.876%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0484%	4h	0.5965	+0.741%	$39.0M	$94.0M	20x	as long as short
Extended PONS-USD	+0.0488%	1h	0.5970	+0.832%	$246K	$670K	5x	as long as short
BingX PONS-USDT	+0.0498%	4h	0.5972	+0.859%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0517%	4h	0.5959	+0.639%	$17.8M	$30.5M	20x	as long as short
Hyperliquid PONSshort	+0.0714%	1h	0.5971	+0.849%	$60.8M	$27.6M	3x
BloFin PONS-USDT	+0.0715%	4h	0.5944	+0.386%	$1.7M	$952K	20x	as long as short
Pacifica PONS	+0.0755%	1h	0.5963	+0.711%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USD	+0.0816%	1h	0.5970	+0.834%	$51K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.5909	−0.212%	$31K	$98K	3x	as long as short