PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0450%/8h= −49.3% APRnext payment −$0.56 per $10,000 · paid last 24h −0.082%

Price spread now: Extended against Hyperliquid−0.076%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$750.754% of the position

Long on Hyperliquid Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 4 days (all we have)+0.163%+$16 · spread now −0.076%, 7d avg −0.029%

Together, before fees+0.315%+ Points / potential airdropHyperliquid: Season 2 · Extended: Active · farm board+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Extended is 0.047% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.152%, 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 0.152% in total (about 7.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 per $10,000. 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	0.5982	0.0634	pay 0.0079% / 1h	38m 55s	$60.3M	$29.9M	3x
Short	Extended PONS-USD	0.5978	0.0184	get 0.0023% / 1h	38m 55s	$248K	$667K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$94.57
Price spread: −0.076% → −0.029%: −$4.73
Slippage, 4 orders: −$61.36
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$174.66
Costs to cover: 0.754%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Extended: live order book, 44 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, 5 min ago	0.08 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 44 min ago	9.50 bp	24.8 bp −$25	149.2 bp −$1,492	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
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0034%	1h	0.5978	−0.073%	$219K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−1.051%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5986	+0.059%	$16K	$433K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5970	−0.209%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5969	−0.226%	$13.5M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5980	−0.048%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5978	−0.072%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5973	−0.154%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5981	−0.023%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5988	+0.099%	$3K	$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	0.5989	+0.104%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5982	−0.008%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5992	+0.160%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5978	−0.075%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5981	−0.020%	$373	—	3x	as long as short
Aster PONSUSDT	+0.0161%	4h	0.5979	−0.057%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0174%	4h	0.5972	−0.176%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0178%	4h	0.5981	−0.024%	$21K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0182%	4h	0.5979	−0.059%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0182%	4h	0.5975	−0.120%	$38.9M	$97.7M	20x	as long as short
Extended PONS-USDshort	+0.0184%	1h	0.5978	−0.076%	$248K	$667K	5x
Nado PONS-PERP	+0.0236%	1h	0.5986	+0.062%	$91K	$103K	5x	as long as short
BloFin PONS-USDT	+0.0422%	4h	0.5982	−0.008%	$1.7M	$984K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5986	+0.061%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0508%	1h	0.5986	+0.062%	$37K	$1.7M	3x	as long as short
Lighter RH PONS	+0.0592%	1h	0.5987	+0.075%	$424K	$2.6M	3x	as long as short
Hyperliquid PONSlong	+0.0634%	1h	0.5982	long leg	$60.3M	$29.9M	3x
Lighter PONS	+0.0888%	1h	0.5983	+0.008%	$1.7M	$985K	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.5992	+0.159%	$30K	$96K	3x	as long as short
Gate PONS_USDT	+0.1406%	4h	0.5974	−0.142%	$5.2M	$6.5M	20x	as long as short