Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.096%

Price spread now: Phemex against Extended−0.047%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$184as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

costs, in and out, $10k−$1271.273% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.565%−$56 on $10k

Price spread, last 3 days (all we have)+0.343%+$34 · spread now −0.047%, 7d avg +0.028%

Together, before fees−0.222%+ Points / potential airdropExtended: Active · farm board−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.075% cheaper against Extended than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PONS-USD	0.5996	0.0192	pay 0.0024% / 1h	22m 10s	$248K	$667K	5x
Short	Phemex PONSUSDT	0.5993	0.0100	get 0.0050% / 4h	1h 22m	$1.7M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$19.32
Price spread: −0.047% → +0.028%: −$7.55
Slippage, 4 orders: −$110.34
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$154.21
Costs to cover: 1.273%
Break-even: never at this rate

Slippage from Extended: live order book, 61 min ago; Phemex: live order book, 2 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 Extended live order book, 61 min ago	9.50 bp	24.7 bp −$25	163.3 bp −$1,633	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.34 bp	37.3 bp −$37	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 −0.0034%	1h	0.5988	−0.136%	$220K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.439%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5995	−0.014%	$19K	$438K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5991	−0.081%	$17.9M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5995	−0.014%	$13.6M	$56.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5995	−0.021%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5994	−0.027%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5961	−0.577%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5994	−0.026%	$35K	$350K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6002	+0.103%	$3K	$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	0.5998	+0.030%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5994	−0.027%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6006	+0.173%	$64K	$506K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.5993	−0.047%	$1.7M	$3.3M	20x
Aevo PONS-PERP	+0.0128%	1h	0.5995	−0.014%	$373	—	3x	as long as short
Aster PONSUSDT	+0.0145%	4h	0.5992	−0.057%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0174%	4h	0.5991	−0.078%	$21K	$292K	10x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5992	−0.064%	—	$3.1M	—	as long as short
Extended PONS-USDlong	+0.0192%	1h	0.5996	long leg	$248K	$667K	5x
MEXC PONS_USDT	+0.0192%	4h	0.5994	−0.031%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0192%	4h	0.5994	−0.026%	$39.0M	$97.8M	20x	as long as short
Nado PONS-PERP	+0.0234%	1h	0.5991	−0.081%	$91K	$103K	5x	as long as short
Lighter RH PONS	+0.0400%	1h	0.5995	−0.019%	$423K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0432%	4h	0.5985	−0.181%	$1.7M	$981K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5998	+0.034%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0502%	1h	0.5994	−0.024%	$37K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0682%	1h	0.5995	−0.022%	$60.6M	$30.1M	3x	as long as short
Lighter PONS	+0.0752%	1h	0.5995	−0.014%	$1.7M	$998K	3x	as long as short
Gate PONS_USDT	+0.1318%	4h	0.5990	−0.097%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5990	−0.102%	$30K	$96K	3x	as long as short