Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0518%/8h= −56.8% APRpaid last 24h +0.040%

Price spread now: Lighter RH against edgeX−0.110%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on edgeX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.110%, 7d avg +0.021%

Together, before fees−0.003%+ Points / potential airdropedgeX: Active · Lighter RH: Points live · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Lighter RH is 0.131% cheaper against edgeX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.021%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% 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	0.5937	0.0614	pay 0.0307% / 4h	2h 55m	$18K	$292K	10x
Short	Lighter RH PONS	0.5930	0.0096	get 0.0012% / 1h	55m 33s	$418K	$2.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$108.88
Price spread: −0.110% → +0.021%: −$13.14
Slippage, 4 orders: −$49.02
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$180.04
Costs to cover: 0.580%
Break-even: never at this rate

Slippage from edgeX: live order book, 57 min ago; Lighter RH: live order book, 3 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	11.60 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	4.06 bp	11.6 bp −$12	89.9 bp −$899	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	0.5920	−0.290%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.552%	$614	$10K	5.5x	as long as short
Lighter RH PONSshort	+0.0096%	1h	0.5930	−0.110%	$418K	$2.5M	3x
Popdex PONSUSDT	+0.0096%	1h	0.5927	−0.164%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5929	−0.131%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5923	−0.232%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5942	+0.097%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5938	+0.013%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5927	−0.168%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5938	+0.029%	$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	+0.112%	$65K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5936	−0.013%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5931	−0.102%	$369	—	3x	as long as short
Hyperliquid PONS	+0.0341%	1h	0.5928	−0.147%	$60.1M	$28.9M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0387%	4h	0.5928	−0.147%	$13.4M	$54.7M	20x	as long as short
Aster PONSUSDT	+0.0515%	4h	0.5936	−0.006%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0518%	4h	0.5941	+0.079%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0550%	4h	0.5930	−0.107%	$4.6M	$11.7M	20x	as long as short
Lighter PONS	+0.0608%	1h	0.5932	−0.075%	$1.6M	$884K	3x	as long as short
edgeX PONSUSDClong	+0.0614%	4h	0.5937	long leg	$18K	$292K	10x
MEXC PONS_USDT	+0.0620%	4h	0.5931	−0.097%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0624%	4h	0.5928	−0.147%	$38.8M	$94.8M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.5927	−0.158%	$106K	$807K	5x	as long as short
Pacifica PONS	+0.0715%	1h	0.5934	−0.052%	$46K	$68K	3x	as long as short
BingX PONS-USDT	+0.0738%	4h	0.5936	−0.013%	—	$3.0M	—	as long as short
KuCoin PONSUSDTM	+0.0746%	4h	0.5931	−0.092%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0793%	1h	0.5929	−0.131%	$88K	$1.7M	3x	as long as short
Bybit PONSUSDT	+0.0828%	4h	0.5927	−0.164%	$17.8M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0850%	4h	0.5942	+0.088%	$1.7M	$946K	20x	as long as short
Phoenix PONS	+0.1586%	1h	0.5915	−0.365%	$45K	$121K	3x	as long as short