Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0230%/8h= −25.1% APRpaid last 24h +0.117%

Price spread now: Lighter against edgeX−0.088%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$590.590% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.443%+$44 on $10k

Price spread, last 4 days (all we have)−0.108%−$11 · spread now −0.088%, 7d avg +0.050%

Together, before fees+0.336%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.138% cheaper against edgeX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.050%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.443%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PONSUSDC	0.6012	0.0606	pay 0.0303% / 4h	1m 16s	$18K	$293K	10x
Short	Lighter PONS	0.6006	0.0376	get 0.0047% / 1h	1m 16s	$1.6M	$897K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$48.23
Price spread: −0.088% → +0.050%: −$13.79
Slippage, 4 orders: −$50.01
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$121.03
Costs to cover: 0.590%
Break-even: never at this rate

Slippage from edgeX: live order book, 57 min ago; Lighter: live order book, 5 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, 57 min ago	11.84 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	4.08 bp	10.6 bp −$11	28.0 bp −$280	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	−0.220%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.700%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6009	−0.043%	$21K	$435K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6025	+0.230%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6009	−0.045%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6009	−0.040%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6004	−0.126%	$26K	$538K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6019	+0.123%	$65K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6009	−0.043%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6007	−0.085%	$374	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PONS	+0.0283%	4h	0.6009	−0.036%	$1.4M	$3.9M	—	as long as short
Nado PONS-PERP	+0.0298%	1h	0.6004	−0.126%	$70K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0322%	4h	0.6002	−0.159%	$13.6M	$55.3M	20x	as long as short
Lighter PONSshort	+0.0376%	1h	0.6006	−0.088%	$1.6M	$897K	3x
Lighter RH PONS	+0.0448%	1h	0.6006	−0.101%	$412K	$2.6M	3x	as long as short
Aster PONSUSDT	+0.0452%	4h	0.6006	−0.093%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0492%	4h	0.6008	−0.061%	$4.6M	$11.5M	20x	as long as short
Gate PONS_USDT	+0.0496%	4h	0.6004	−0.126%	$5.2M	$6.4M	20x	as long as short
Bybit PONSUSDT	+0.0507%	4h	0.6005	−0.110%	$17.9M	$30.9M	20x	as long as short
BingX PONS-USDT	+0.0572%	4h	0.6010	−0.026%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0600%	1h	0.6002	−0.155%	$108K	$813K	5x	as long as short
MEXC PONS_USDT	+0.0602%	4h	0.6011	−0.010%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0602%	4h	0.6004	−0.126%	$39.3M	$95.3M	20x	as long as short
edgeX PONSUSDClong	+0.0606%	4h	0.6012	long leg	$18K	$293K	10x
KuCoin PONSUSDTM	+0.0698%	4h	0.6008	−0.058%	$1.6M	$3.8M	20x	as long as short
Hyperliquid PONS	+0.0820%	1h	0.6011	−0.006%	$61.4M	$28.4M	3x	as long as short
BloFin PONS-USDT	+0.0842%	4h	0.6015	+0.057%	$1.8M	$958K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.6007	−0.070%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0862%	1h	0.6012	+0.002%	$71K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.6006	−0.088%	$35K	$104K	3x	as long as short