Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0611%/8h= −66.9% APRpaid last 24h −0.160%

Price spread now: HTX against Hyperliquid−0.062%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$354as in the Funding arb table

Net, price: spread back to 7d avg − costs−$317as in the Price arb table

costs, in and out, $10k−$3083.076% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.466%−$47 on $10k

Price spread, last 4 days (all we have)+0.242%+$24 · spread now −0.062%, 7d avg +0.028%

Together, before fees−0.224%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and HTX is 0.090% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.5983	0.0711	pay 0.0089% / 1h	30m 06s	$60.9M	$27.9M	3x
Short	HTX PONS-USDT	0.5980	0.0100	get 0.0050% / 4h	30m 06s	$65K	$512K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$128.33
Price spread: −0.062% → +0.028%: −$8.96
Slippage, 4 orders: −$286.64
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$444.93
Costs to cover: 3.076%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; HTX: live order book, 28 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, 3 min ago	3.09 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 28 min ago	39.36 bp	180.0 bp −$180	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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0032%	1h	0.5959	−0.399%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.231%	$614	$10K	5.5x	as long as short
Lighter PONS	+0.0096%	1h	0.5968	−0.251%	$1.6M	$884K	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5976	−0.122%	$20K	$435K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5972	−0.189%	$5.3M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6004	+0.344%	$34K	$349K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5974	−0.155%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5966	−0.287%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5968	−0.256%	$26K	$531K	3x	as long as short
HTX PONS-USDTshort	+0.0100%	4h	0.5980	−0.062%	$65K	$512K	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5967	−0.272%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0215%	4h	0.5965	−0.298%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0224%	1h	0.5970	−0.228%	$372	—	3x	as long as short
Nado PONS-PERP	+0.0230%	1h	0.5977	−0.105%	$70K	$129K	5x	as long as short
Lighter RH PONS	+0.0296%	1h	0.5970	−0.227%	$401K	$2.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0300%	4h	0.5980	−0.055%	$13.6M	$54.7M	20x	as long as short
Aster PONSUSDT	+0.0430%	4h	0.5975	−0.134%	$1.1M	$2.1M	20x	as long as short
Bybit PONSUSDT	+0.0458%	4h	0.5969	−0.239%	$17.8M	$30.8M	20x	as long as short
Bitget PONSUSDT	+0.0458%	4h	0.5980	−0.050%	$4.6M	$11.5M	20x	as long as short
BingX PONS-USDT	+0.0528%	4h	0.5982	−0.022%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0559%	4h	0.5950	−0.564%	$18K	$293K	10x	as long as short
Extended PONS-USD	+0.0568%	1h	0.5968	−0.249%	$107K	$809K	5x	as long as short
MEXC PONS_USDT	+0.0570%	4h	0.5973	−0.172%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0572%	4h	0.5971	−0.206%	$39.2M	$94.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0634%	4h	0.5966	−0.287%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONSlong	+0.0711%	1h	0.5983	long leg	$60.9M	$27.9M	3x
BloFin PONS-USDT	+0.0812%	4h	0.5970	−0.222%	$1.7M	$953K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5984	+0.013%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0909%	1h	0.5977	−0.112%	$66K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5990	+0.110%	$31K	$104K	3x	as long as short