Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0390%/8h= −42.7% APRpaid last 24h −0.003%

Price spread now: BloFin against Hyperliquid−0.044%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.522%+$52 on $10k

Price spread, last 3 days (all we have)+0.346%+$35 · spread now −0.044%, 7d avg +0.039%

Together, before fees+0.867%+ Points / potential airdropHyperliquid: Season 2 · farm board+$87 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and BloFin is 0.083% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.039%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.522%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.6135	0.0939	pay 0.0117% / 1h	34m 59s	$62.4M	$30.3M	3x
Short	BloFin PONS-USDT	0.6132	0.0549	get 0.0274% / 4h	34m 59s	$1.8M	$1.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$81.93
Price spread: −0.044% → +0.039%: −$8.34
Slippage, 4 orders: −$28.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$139.52
Costs to cover: 0.493%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; BloFin: live order book, 3 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, 9 min ago	0.08 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.81 bp	9.2 bp −$9	33.9 bp −$339	136.3 bp −$13.6K	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	−2.693%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6130	−0.075%	$237K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6134	−0.013%	$428K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6139	+0.070%	$20K	$438K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6139	+0.070%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6134	−0.011%	$18.5M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6135	+0.005%	$14.0M	$58.3M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6125	−0.161%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6139	+0.077%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6139	+0.070%	$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	0.6141	+0.103%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6132	−0.044%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6154	+0.318%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6133	−0.028%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0122%	4h	0.6133	−0.028%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0138%	4h	0.6133	−0.024%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6133	−0.028%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0179%	4h	0.6134	−0.005%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0232%	1h	0.6134	−0.013%	$1.7M	$922K	3x	as long as short
BingX PONS-USDT	+0.0300%	4h	0.6132	−0.044%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0308%	4h	0.6133	−0.028%	$8.1M	$4.9M	20x	as long as short
edgeX PONSUSDC	+0.0309%	4h	0.6134	−0.017%	$21K	$293K	10x	as long as short
Binance PONSUSDT	+0.0309%	4h	0.6134	−0.007%	$40.2M	$98.9M	20x	as long as short
Extended PONS-USD	+0.0312%	1h	0.6132	−0.043%	$253K	$682K	5x	as long as short
BloFin PONS-USDTshort	+0.0549%	4h	0.6132	−0.044%	$1.8M	$1.0M	20x
Polymarket Perps PONS-USD	+0.0682%	1h	0.6138	+0.055%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6136	+0.014%	$48K	$96K	3x	as long as short
Hyperliquid PONSlong	+0.0939%	1h	0.6135	long leg	$62.4M	$30.3M	3x
Phoenix PONS	+0.1307%	1h	0.6134	−0.015%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2206%	4h	0.6128	−0.109%	$5.4M	$6.3M	20x	as long as short