Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0529%/8h= −57.9% APRpaid last 24h −0.070%

Price spread now: edgeX against Hyperliquid+0.122%86s7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$660.655% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now +0.122%, 7d avg −0.018%

Together, before fees+0.069%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.140% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of −0.018%): +$14 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 21 hours. The two prices were read 86 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	0.6094	0.0844	pay 0.0105% / 1h	12m 05s	$62.0M	$30.1M	3x
Short	edgeX PONSUSDC	0.6102	0.0315	get 0.0157% / 4h	12m 05s	$21K	$294K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$111.08
Price spread: +0.122% → −0.018%: $13.99
Slippage, 4 orders: −$47.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$162.62
Costs to cover: 0.655%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; edgeX: 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 Hyperliquid live order book, 11 min ago	0.08 bp	14.9 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 1 min ago	11.48 bp	20.0 bp −$20	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.046%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6089	−0.087%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6097	+0.044%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6100	+0.095%	$20K	$429K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6089	−0.085%	$18.3M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6087	−0.118%	$13.9M	$57.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6104	+0.163%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6116	+0.351%	$33K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6104	+0.161%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6105	+0.184%	—	$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	0.6090	−0.069%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6108	+0.230%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6093	−0.020%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0128%	4h	0.6091	−0.049%	$1.7M	$3.7M	20x	as long as short
Aster PONSUSDT	+0.0142%	4h	0.6091	−0.058%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6092	−0.036%	$380	—	3x	as long as short
Bitget PONSUSDT	+0.0162%	4h	0.6089	−0.080%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0180%	1h	0.6093	−0.012%	$105K	$116K	5x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6097	+0.043%	$252K	$682K	5x	as long as short
Binance PONSUSDT	+0.0298%	4h	0.6091	−0.053%	$39.9M	$98.4M	20x	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6087	−0.118%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0312%	4h	0.6089	−0.085%	—	$3.1M	—	as long as short
edgeX PONSUSDCshort	+0.0315%	4h	0.6102	+0.122%	$21K	$294K	10x
Lighter PONS	+0.0328%	1h	0.6099	+0.072%	$1.7M	$931K	3x	as long as short
BloFin PONS-USDT	+0.0539%	4h	0.6102	+0.128%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0647%	1h	0.6098	+0.062%	$42K	$1.7M	3x	as long as short
Hyperliquid PONSlong	+0.0844%	1h	0.6094	long leg	$62.0M	$30.1M	3x
Pacifica PONS	+0.0899%	1h	0.6095	+0.007%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6109	+0.235%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2416%	4h	0.6093	−0.020%	$5.3M	$6.3M	20x	as long as short