Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0392%/8h= +43.0% APRpaid last 24h +0.163%

Price spread now: Hyperliquid against HTX+0.124%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$296as in the Funding arb table

Net, price: spread back to 7d avg − costs−$328as in the Price arb table

costs, in and out, $10k−$3443.437% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.475%+$48 on $10k

Price spread, last 4 days (all we have)−0.309%−$31 · spread now +0.124%, 7d avg −0.030%

Together, before fees+0.167%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Hyperliquid is 0.154% dearer against HTX than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PONS-USDT	0.6028	0.0100	pay 0.0050% / 4h	3h 34m	$65K	$513K	20x
Short	Hyperliquid PONS	0.6036	0.0492	get 0.0062% / 1h	34m 29s	$61.7M	$28.0M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now +0.124%Rate

Funding earned: $82.4
Price spread: +0.124% → −0.030%: $15.4
Slippage, 4 orders: −$322.75
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$245.95
Costs to cover: 3.437%
Break-even: 27.9 days

Slippage from HTX: live order book, 19 min ago; Hyperliquid: live order book, 9 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 HTX live order book, 19 min ago	40.47 bp	159.7 bp −$160	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.50 bp	9.8 bp −$10	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 −0.0032%	1h	0.6020	−0.127%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.970%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6024	−0.066%	$21K	$416K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6023	−0.082%	$71K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6023	−0.085%	$35K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6034	+0.106%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6026	−0.041%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6033	+0.083%	$26K	$530K	3x	as long as short
HTX PONS-USDTlong	+0.0100%	4h	0.6028	long leg	$65K	$513K	20x
Phemex PONSUSDT	+0.0100%	4h	0.6030	+0.033%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0128%	1h	0.6030	+0.032%	$409K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6029	+0.019%	$376	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0337%	4h	0.6015	−0.216%	$13.7M	$55.1M	20x	as long as short
Variational Omni PONS	+0.0398%	4h	0.6017	−0.175%	$1.5M	$3.9M	—	as long as short
Gate PONS_USDT	+0.0408%	4h	0.6026	−0.033%	$5.3M	$6.2M	20x	as long as short
Lighter PONS	+0.0488%	1h	0.6033	+0.081%	$1.7M	$892K	3x	as long as short
Hyperliquid PONSshort	+0.0492%	1h	0.6036	+0.124%	$61.7M	$28.0M	3x
Aster PONSUSDT	+0.0504%	4h	0.6034	+0.100%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0516%	4h	0.6021	−0.116%	$4.6M	$11.5M	20x	as long as short
edgeX PONSUSDC	+0.0614%	4h	0.6027	−0.023%	$18K	$293K	10x	as long as short
Binance PONSUSDT	+0.0621%	4h	0.6023	−0.082%	$39.4M	$94.3M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6029	+0.021%	$108K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0626%	4h	0.6035	+0.116%	$7.7M	$4.7M	20x	as long as short
Polymarket Perps PONS-USD	+0.0677%	1h	0.6017	−0.181%	$73K	$1.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0732%	4h	0.6032	+0.060%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.6031	+0.050%	—	$2.9M	—	as long as short
BloFin PONS-USDT	+0.0866%	4h	0.6040	+0.199%	$1.8M	$968K	20x	as long as short
Bybit PONSUSDT	+0.0995%	4h	0.6016	−0.199%	$18.0M	$30.6M	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.6035	+0.112%	$48K	$67K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.6029	+0.012%	$46K	$109K	3x	as long as short