PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0686%/8h= −75.1% APRnext payment −$0.86 per $10,000 · paid last 24h −0.182%

Price spread now: Injective against Hyperliquid−0.363%93s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Injective is 0.363% cheaper against Hyperliquid than usual: you would sell low and buy high (−$36 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 93 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.5991	0.0719	pay 0.0090% / 1h	31m 39s	$61.0M	$27.8M	3x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	31m 39s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.363%Rate

Funding earned: −$144.01
Price spread: −0.363% → 0.000%: −$36.25
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$189.28
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; Injective: no order-book sample. Net counts fees only.

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, 12 min ago	2.11 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.5975	−0.265%	$237K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	−0.363%	$614	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.5972	−0.321%	$20K	$435K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5981	−0.171%	$5.3M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6004	+0.212%	$34K	$349K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5991	−0.004%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5995	+0.063%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5982	−0.146%	$26K	$528K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6010	+0.312%	$65K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5978	−0.221%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PONS	+0.0104%	1h	0.5988	−0.057%	$1.6M	$884K	3x	as long as short
Variational Omni PONS	+0.0223%	4h	0.5936	−0.914%	$1.4M	$4.0M	—	as long as short
Aevo PONS-PERP	+0.0224%	1h	0.5982	−0.146%	$373	—	3x	as long as short
Nado PONS-PERP	+0.0225%	1h	0.5973	−0.302%	$70K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0306%	4h	0.5969	−0.371%	$13.6M	$54.7M	20x	as long as short
Lighter RH PONS	+0.0344%	1h	0.5988	−0.055%	$402K	$2.5M	3x	as long as short
Aster PONSUSDT	+0.0437%	4h	0.5982	−0.149%	$1.1M	$2.1M	20x	as long as short
Bybit PONSUSDT	+0.0448%	4h	0.5970	−0.354%	$17.8M	$30.8M	20x	as long as short
Bitget PONSUSDT	+0.0454%	4h	0.5985	−0.105%	$4.6M	$11.5M	20x	as long as short
BingX PONS-USDT	+0.0518%	4h	0.5978	−0.221%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0559%	4h	0.5950	−0.696%	$18K	$293K	10x	as long as short
MEXC PONS_USDT	+0.0564%	4h	0.5987	−0.070%	$7.6M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0568%	1h	0.5982	−0.147%	$107K	$809K	5x	as long as short
Binance PONSUSDT	+0.0572%	4h	0.5973	−0.304%	$39.2M	$94.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0626%	4h	0.5984	−0.124%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONSlong	+0.0719%	1h	0.5991	long leg	$61.0M	$27.8M	3x
BloFin PONS-USDT	+0.0796%	4h	0.5993	+0.030%	$1.7M	$956K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5987	−0.070%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0918%	1h	0.5986	−0.095%	$66K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5945	−0.768%	$31K	$104K	3x	as long as short