Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.238%

Price spread now: Lighter against HTX−0.068%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$231as in the Funding arb table

Net, price: spread back to 7d avg − costs−$332as in the Price arb table

costs, in and out, $10k−$3233.229% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.918%+$92 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.068%, 7d avg +0.021%

Together, before fees+0.950%+ Points / potential airdropLighter: Season 3 · farm board+$95 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.089% cheaper against HTX than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of +0.021%). If the spread goes back, that is −$9 on $10k: about 36 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.918% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PONS-USDT	0.6044	0.0100	pay 0.0050% / 4h	2h 30m	$64K	$509K	20x
Short	Lighter PONS	0.6040	0.0296	get 0.0037% / 1h	30m 15s	$1.7M	$884K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.068%Rate

Funding earned: $41.16
Price spread: −0.068% → +0.021%: −$8.89
Slippage, 4 orders: −$310.93
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$290.66
Costs to cover: 3.229%
Break-even: 56.4 days

Slippage from HTX: live order book, 38 min ago; Lighter: live order book, 1 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, 38 min ago	29.96 bp	135.3 bp −$135	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	5.72 bp	11.2 bp −$11	35.9 bp −$359	doesn't fit	doesn't fit

PONS on 29 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 −0.0033%	1h	0.6029	−0.253%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.233%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6040	−0.066%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6043	−0.024%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6042	−0.036%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6042	−0.033%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6040	−0.071%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6044	+0.005%	$26K	$518K	3x	as long as short
HTX PONS-USDTlong	+0.0100%	4h	0.6044	long leg	$64K	$509K	20x
Phemex PONSUSDT	+0.0100%	4h	0.6044	0.000%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0184%	1h	0.6036	−0.132%	$376	—	3x	as long as short
Lighter RH PONS	+0.0208%	1h	0.6042	−0.035%	$423K	$2.5M	3x	as long as short
KuCoin PONSUSDTM	+0.0214%	4h	0.6037	−0.111%	$1.7M	$3.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0225%	4h	0.6042	−0.033%	$13.8M	$55.2M	20x	as long as short
Nado PONS-PERP	+0.0244%	1h	0.6036	−0.136%	$71K	$131K	5x	as long as short
Bybit PONSUSDT	+0.0258%	4h	0.6043	−0.017%	$18.1M	$30.6M	20x	as long as short
Lighter PONSshort	+0.0296%	1h	0.6040	−0.068%	$1.7M	$884K	3x
Bitget PONSUSDT	+0.0300%	4h	0.6047	+0.055%	$4.7M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0372%	4h	0.6036	−0.139%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0390%	4h	0.6045	+0.017%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0402%	4h	0.6046	+0.033%	$7.8M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0408%	1h	0.6038	−0.102%	$250K	$676K	5x	as long as short
Binance PONSUSDT	+0.0409%	4h	0.6045	+0.013%	$39.6M	$95.2M	20x	as long as short
edgeX PONSUSDC	+0.0414%	4h	0.6039	−0.078%	$21K	$293K	10x	as long as short
Gate PONS_USDT	+0.0552%	4h	0.6038	−0.099%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0692%	1h	0.6044	+0.007%	$61.5M	$28.2M	3x	as long as short
Polymarket Perps PONS-USD	+0.0742%	1h	0.6039	−0.078%	$45K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6036	−0.137%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6038	−0.108%	$31K	$107K	3x	as long as short