Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0066%/8h= −7.3% APRpaid last 24h −0.104%

Price spread now: Popdex against edgeX+0.079%59s7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2502.504% of the position

Long on edgeX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.314%−$31 on $10k

Price spread, last 3 days (all we have)−0.249%−$25 · spread now +0.079%, 7d avg +0.006%

Together, before fees−0.563%+ Points / potential airdropedgeX: Active · farm board−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.072% dearer against edgeX than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of +0.006%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 3 days (−0.314% in total) that is about 18 hours. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PONSUSDC	0.5897	0.0162	pay 0.0081% / 4h	2h 32m	$21K	$293K	10x
Short	Popdex PONSUSDT	0.5902	0.0096	get 0.0012% / 1h	32m 23s	$21K	$447K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PopdexbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$13.91
Price spread: +0.079% → +0.006%: $7.23
Slippage, 4 orders: −$235.02
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$257.1
Costs to cover: 2.504%
Break-even: never at this rate

Slippage from edgeX: live order book, 55 min ago; Popdex: live order book, 56 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, 55 min ago	11.84 bp	20.6 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 56 min ago	7.52 bp	104.8 bp −$105	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 +0.0032% / S −0.0034%	1h	0.5892	−0.085%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.377%	$609	$6K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.5902	+0.079%	$21K	$447K	20x
Bybit PONSUSDT	+0.0100%	4h	0.5896	−0.023%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5898	+0.011%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5900	+0.041%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5901	+0.070%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5865	−0.544%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5866	−0.530%	$34K	$330K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5907	+0.158%	$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	0.5899	+0.021%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5899	+0.036%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5909	+0.191%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5895	−0.040%	$1.7M	$3.3M	20x	as long as short
Nado PONS-PERP	+0.0122%	1h	0.5902	+0.079%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5899	+0.028%	$368	—	3x	as long as short
BingX PONS-USDT	+0.0154%	4h	0.5899	+0.028%	—	$3.1M	—	as long as short
edgeX PONSUSDClong	+0.0162%	4h	0.5897	long leg	$21K	$293K	10x
Binance PONSUSDT	+0.0178%	4h	0.5901	+0.067%	$38.3M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0182%	4h	0.5901	+0.062%	$7.5M	$5.2M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5901	+0.067%	$105K	$533K	5x	as long as short
Aster PONSUSDT	+0.0218%	4h	0.5902	+0.082%	$1.1M	$2.2M	20x	as long as short
Gate PONS_USDT	+0.0288%	4h	0.5896	−0.023%	$5.1M	$6.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0329%	1h	0.5901	+0.055%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0422%	4h	0.5900	+0.045%	$1.7M	$968K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5900	+0.048%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0535%	1h	0.5902	+0.074%	$58.9M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0584%	1h	0.5904	+0.116%	$394K	$2.6M	3x	as long as short
Lighter PONS	+0.1128%	1h	0.5905	+0.128%	$1.7M	$881K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5899	+0.028%	$27K	$86K	3x	as long as short