Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0779%/8h= −85.3% APRpaid last 24h −0.100%

Price spread now: KuCoin against Hyperliquid−0.128%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$970.974% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 7 days+0.055%+$6 · spread now −0.128%, 7d avg −0.030%

Together, before fees−0.133%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and KuCoin is 0.098% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.188% in total (about -9.8% 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	0.6091	0.0939	pay 0.0117% / 1h	41m 16s	$61.9M	$29.8M	3x
Short	KuCoin PONSUSDTM	0.6083	0.0160	get 0.0080% / 4h	3h 41m	$1.8M	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.128%Rate

Funding earned: −$163.61
Price spread: −0.128% → −0.030%: −$9.85
Slippage, 4 orders: −$76.39
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$270.85
Costs to cover: 0.974%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; KuCoin: live order book, 6 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, 12 min ago	1.24 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	3.06 bp	33.3 bp −$33	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 −0.0033%	1h	0.6078	−0.209%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.988%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6083	−0.131%	$431K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6085	−0.092%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6080	−0.181%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6068	−0.366%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6096	+0.087%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6089	−0.030%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6084	−0.108%	$28K	$553K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6100	+0.163%	$65K	$510K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6084	−0.108%	$1.7M	$3.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0110%	4h	0.6075	−0.256%	$13.8M	$57.3M	20x	as long as short
Gate PONS_USDT	+0.0132%	4h	0.6077	−0.223%	$5.3M	$6.2M	20x	as long as short
KuCoin PONSUSDTMshort	+0.0160%	4h	0.6083	−0.128%	$1.8M	$3.8M	20x
Aevo PONS-PERP	+0.0160%	1h	0.6085	−0.100%	$379	—	3x	as long as short
Bitget PONSUSDT	+0.0204%	4h	0.6086	−0.069%	$4.7M	$11.6M	20x	as long as short
Aster PONSUSDT	+0.0216%	4h	0.6082	−0.143%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0326%	4h	0.6080	−0.174%	$7.9M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0333%	4h	0.6081	−0.158%	$39.8M	$97.6M	20x	as long as short
edgeX PONSUSDC	+0.0333%	4h	0.6078	−0.215%	$21K	$292K	10x	as long as short
Extended PONS-USD	+0.0336%	1h	0.6087	−0.063%	$252K	$683K	5x	as long as short
Lighter PONS	+0.0448%	1h	0.6084	−0.102%	$1.7M	$896K	3x	as long as short
BloFin PONS-USDT	+0.0573%	4h	0.6088	−0.043%	$1.7M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0582%	1h	0.6085	−0.085%	$105K	$116K	5x	as long as short
Bybit PONSUSDT	+0.0660%	4h	0.6076	−0.240%	$18.2M	$31.1M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6084	−0.110%	$48K	$87K	3x	as long as short
BingX PONS-USDT	+0.0740%	4h	0.6093	+0.039%	—	$3.1M	—	as long as short
Polymarket Perps PONS-USD	+0.0787%	1h	0.6088	−0.039%	$42K	$1.6M	3x	as long as short
Hyperliquid PONSlong	+0.0939%	1h	0.6091	long leg	$61.9M	$29.8M	3x
Phoenix PONS	+0.1608%	1h	0.6085	−0.100%	$31K	$113K	3x	as long as short