PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0518%/8h= +56.7% APRnext payment +$0.65 per $10,000 · paid last 24h +0.107%

Price spread now: Lighter against Hyperliquid+0.146%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$380.385% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.468%+$47 on $10k

Price spread, last 7 days−0.060%−$6 · spread now +0.146%, 7d avg +0.005%

Together, before fees+0.407%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board+$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Lighter is 0.140% dearer against Hyperliquid than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.5900	0.0490	pay 0.0061% / 1h	13m 50s	$59.1M	$30.1M	3x
Short	Lighter PONS	0.5908	0.1008	get 0.0126% / 1h	13m 50s	$1.7M	$889K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.146%Rate

Funding earned: $108.73
Price spread: +0.146% → +0.005%: $14.04
Slippage, 4 orders: −$29.46
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $84.31
Costs to cover: 0.385%
Break-even: 1.6 days

Slippage from Hyperliquid: live order book, 10 min ago; Lighter: live order book, 3 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, 10 min ago	0.09 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	4.90 bp	8.5 bp −$8	11.5 bp −$115	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	0.5897	−0.039%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.339%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5903	+0.058%	$21K	$444K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5894	−0.095%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5893	−0.112%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5897	−0.049%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5897	−0.037%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5905	+0.096%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5907	+0.125%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5911	+0.195%	$2K	$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	0.5907	+0.129%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5903	+0.049%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5903	+0.064%	$64K	$505K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5898	−0.027%	$1.6M	$3.3M	20x	as long as short
Nado PONS-PERP	+0.0102%	1h	0.5902	+0.041%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5904	+0.077%	$368	—	3x	as long as short
MEXC PONS_USDT	+0.0178%	4h	0.5899	−0.010%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0178%	4h	0.5892	−0.129%	—	$3.1M	—	as long as short
Binance PONSUSDT	+0.0182%	4h	0.5896	−0.061%	$38.3M	$98.3M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5895	−0.075%	$106K	$533K	5x	as long as short
Aster PONSUSDT	+0.0185%	4h	0.5898	−0.029%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0197%	4h	0.5908	+0.148%	$21K	$294K	10x	as long as short
Polymarket Perps PONS-USD	+0.0370%	1h	0.5903	+0.058%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0420%	4h	0.5913	+0.227%	$1.7M	$967K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5902	+0.045%	$47K	$103K	3x	as long as short
Hyperliquid PONSlong	+0.0490%	1h	0.5900	long leg	$59.1M	$30.1M	3x
Lighter RH PONS	+0.0584%	1h	0.5905	+0.093%	$415K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0780%	4h	0.5899	−0.010%	$5.2M	$6.8M	20x	as long as short
Lighter PONSshort	+0.1008%	1h	0.5908	+0.146%	$1.7M	$889K	3x
Phoenix PONS	+0.1275%	1h	0.5911	+0.186%	$30K	$86K	3x	as long as short