Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0994%/8h= +108.8% APRpaid last 24h +0.290%

Price spread now: Phoenix against edgeX−0.045%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs+$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$790.787% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.557%+$156 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.045%, 7d avg +0.003%

Together, before fees+1.509%+ Points / potential airdropedgeX: Active · farm board+$151 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.048% cheaper against edgeX than usual: you would sell low and buy high (spread −0.045% now, against its 7-day average of +0.003%). If the spread goes back, that is −$5 on $10k: about 4 hours of funding at the current rate (+$30 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PONSUSDC	0.6129	0.0313	pay 0.0157% / 4h	30m 08s	$21K	$294K	10x
Short	Phoenix PONS	0.6126	0.1307	get 0.0163% / 1h	30m 08s	$31K	$102K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.045%Rate

Funding earned: $208.75
Price spread: −0.045% → +0.003%: −$4.79
Slippage, 4 orders: −$62.72
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $125.24
Costs to cover: 0.787%
Break-even: 2.8 days

Slippage from edgeX: live order book, 48 min ago; Phoenix: live order book, 23 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, 48 min ago	11.68 bp	20.3 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 23 min ago	4.06 bp	19.2 bp −$19	64.7 bp −$647	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.597%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6118	−0.175%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6127	−0.027%	$424K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6125	−0.060%	$20K	$438K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6125	−0.059%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6118	−0.174%	$18.5M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6120	−0.141%	$14.0M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6124	−0.071%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6127	−0.027%	$34K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6130	+0.028%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6128	−0.016%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6128	−0.016%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6136	+0.112%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6129	+0.006%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0118%	4h	0.6125	−0.056%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0144%	4h	0.6125	−0.060%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6127	−0.026%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0166%	4h	0.6123	−0.092%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0240%	1h	0.6128	−0.012%	$1.7M	$922K	3x	as long as short
Binance PONSUSDT	+0.0303%	4h	0.6123	−0.092%	$40.1M	$98.7M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6126	−0.040%	$253K	$682K	5x	as long as short
MEXC PONS_USDT	+0.0304%	4h	0.6127	−0.027%	$8.1M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0308%	4h	0.6121	−0.125%	—	$3.1M	—	as long as short
edgeX PONSUSDClong	+0.0313%	4h	0.6129	long leg	$21K	$294K	10x
BloFin PONS-USDT	+0.0545%	4h	0.6130	+0.022%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0665%	1h	0.6126	−0.047%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6124	−0.078%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0904%	1h	0.6124	−0.069%	$62.2M	$30.4M	3x	as long as short
Phoenix PONSshort	+0.1307%	1h	0.6126	−0.045%	$31K	$102K	3x
Gate PONS_USDT	+0.2294%	4h	0.6119	−0.158%	$5.4M	$6.3M	20x	as long as short