Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0646%/8h= −70.7% APRpaid last 24h −0.014%

Price spread now: BingX against Hyperliquid−0.095%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.214%+$21 on $10k

Price spread, last 3 days (all we have)+0.105%+$11 · spread now −0.095%, 7d avg +0.009%

Together, before fees+0.320%+ Points / potential airdropHyperliquid: Season 2 · farm board+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and BingX is 0.104% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.009%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.214%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.214% in total (about 11.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.6134	0.0946	pay 0.0118% / 1h	36m 56s	$62.3M	$30.3M	3x
Short	BingX PONS-USDT	0.6128	0.0300	get 0.0150% / 4h	36m 56s	—	$3.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$135.56
Price spread: −0.095% → +0.009%: −$10.38
Slippage, 4 orders: −$18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$182.94
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; BingX: live order book, 13 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 Hyperliquid live order book, 7 min ago	0.08 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	0.81 bp	5.8 bp −$6	20.1 bp −$201	139.1 bp −$13.9K	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.679%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6127	−0.112%	$237K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6140	+0.101%	$20K	$441K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6136	+0.036%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6127	−0.111%	$18.5M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6129	−0.078%	$14.0M	$58.3M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6121	−0.213%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6114	−0.328%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6138	+0.065%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6138	+0.075%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6131	−0.042%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6159	+0.408%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6136	+0.036%	$1.7M	$3.3M	20x	as long as short
Lighter RH PONS	+0.0120%	1h	0.6133	−0.013%	$427K	$2.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0128%	4h	0.6130	−0.067%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0136%	4h	0.6132	−0.034%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6131	−0.046%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0178%	4h	0.6135	+0.017%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0288%	1h	0.6134	+0.003%	$1.7M	$922K	3x	as long as short
MEXC PONS_USDT	+0.0294%	4h	0.6132	−0.029%	$8.1M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0295%	4h	0.6129	−0.078%	$40.1M	$98.9M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6132	−0.036%	$253K	$682K	5x	as long as short
BingX PONS-USDTshort	+0.0300%	4h	0.6128	−0.095%	—	$3.0M	—
edgeX PONSUSDC	+0.0315%	4h	0.6106	−0.449%	$21K	$293K	10x	as long as short
BloFin PONS-USDT	+0.0535%	4h	0.6135	+0.020%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0694%	1h	0.6140	+0.095%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6134	+0.009%	$48K	$96K	3x	as long as short
Hyperliquid PONSlong	+0.0946%	1h	0.6134	long leg	$62.3M	$30.3M	3x
Phoenix PONS	+0.1307%	1h	0.6125	−0.147%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2170%	4h	0.6126	−0.127%	$5.4M	$6.3M	20x	as long as short