Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.1175%/8h= +128.7% APRpaid last 24h +0.405%

Price spread now: Phoenix against HTX−0.323%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+2.030%+$203 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.323% cheaper against HTX than usual: you would sell low and buy high (spread −0.323% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$32 on $10k: about 22 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PONS-USDT	0.5936	0.0100	pay 0.0050% / 4h	1h 55m	$64K	$505K	20x
Short	Phoenix PONS	0.5917	0.1275	get 0.0159% / 1h	55m 09s	$30K	$96K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.323%Rate

Funding earned: $246.85
Price spread: −0.323% → 0.000%: −$32.34
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $195.51
Costs to cover: 0.190%
Break-even: 1.5 days

Slippage unknown: HTX: live order book, 28 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 28 min ago	14.23 bp	125.6 bp −$126	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.5923	−0.224%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−0.283%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5928	−0.141%	$21K	$441K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5927	−0.158%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5928	−0.141%	$13.4M	$56.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5928	−0.145%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5931	−0.086%	$4.7M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5914	−0.369%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5916	−0.339%	$34K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5933	−0.054%	$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	0.5933	−0.066%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5927	−0.153%	$27K	$547K	3x	as long as short
HTX PONS-USDTlong	+0.0100%	4h	0.5936	long leg	$64K	$505K	20x
Phemex PONSUSDT	+0.0100%	4h	0.5923	−0.226%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5927	−0.158%	$369	—	3x	as long as short
Aster PONSUSDT	+0.0150%	4h	0.5926	−0.178%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0166%	4h	0.5931	−0.091%	$7.5M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5928	−0.141%	$106K	$532K	5x	as long as short
Binance PONSUSDT	+0.0171%	4h	0.5930	−0.108%	$38.5M	$98.1M	20x	as long as short
BingX PONS-USDT	+0.0172%	4h	0.5924	−0.209%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0185%	4h	0.5901	−0.603%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0195%	1h	0.5932	−0.074%	$90K	$103K	5x	as long as short
BloFin PONS-USDT	+0.0411%	4h	0.5929	−0.125%	$1.7M	$976K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5925	−0.188%	$47K	$103K	3x	as long as short
Polymarket Perps PONS-USD	+0.0540%	1h	0.5932	−0.081%	$37K	$1.8M	3x	as long as short
Lighter RH PONS	+0.0560%	1h	0.5928	−0.141%	$422K	$2.6M	3x	as long as short
Hyperliquid PONS	+0.0604%	1h	0.5930	−0.099%	$59.6M	$30.1M	3x	as long as short
Gate PONS_USDT	+0.0928%	4h	0.5921	−0.259%	$5.2M	$6.4M	20x	as long as short
Lighter PONS	+0.1016%	1h	0.5929	−0.118%	$1.7M	$979K	3x	as long as short
Phoenix PONSshort	+0.1275%	1h	0.5917	−0.323%	$30K	$96K	3x