PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0163%/8h= −17.9% APRnext payment −$0.20 per $10,000 · paid last 24h −0.032%

Price spread now: Lighter RH against Hyperliquid−0.005%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$450.446% of the position

Long on Hyperliquid Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 7 days+0.129%+$13 · spread now −0.005%, 7d avg −0.012%

Together, before fees+0.093%+ Points / potential airdropHyperliquid: Season 2 · Lighter RH: Points live · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.5917	0.0259	pay 0.0032% / 1h	41m 36s	$60.0M	$29.0M	3x
Short	Lighter RH PONS	0.5917	0.0096	get 0.0012% / 1h	41m 36s	$417K	$2.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$34.31
Price spread: −0.005% → −0.012%: $0.67
Slippage, 4 orders: −$35.58
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$78.23
Costs to cover: 0.446%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Lighter RH: live order book, 1 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	1.69 bp	14.5 bp −$14	17.2 bp −$172	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	5.83 bp	7.5 bp −$8	54.5 bp −$545	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	0.5910	−0.121%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.882%	$614	$10K	5.5x	as long as short
Lighter RH PONSshort	+0.0096%	1h	0.5917	−0.005%	$417K	$2.5M	3x
Popdex PONSUSDT	+0.0096%	1h	0.5919	+0.029%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5916	−0.023%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5925	+0.130%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5927	+0.157%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5919	+0.025%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5920	+0.047%	$26K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5936	+0.308%	$64K	$513K	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	0.5922	+0.079%	$1.6M	$3.2M	20x	as long as short
Gate PONS_USDT	+0.0150%	4h	0.5919	+0.029%	$5.2M	$6.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5922	+0.075%	$369	—	3x	as long as short
Hyperliquid PONSlong	+0.0259%	1h	0.5917	long leg	$60.0M	$29.0M	3x
OKX PONS-USDT-SWAP	+0.0364%	4h	0.5919	+0.029%	$13.4M	$54.7M	20x	as long as short
Aster PONSUSDT	+0.0482%	4h	0.5919	+0.030%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0538%	4h	0.5931	+0.239%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0556%	4h	0.5922	+0.083%	$4.7M	$11.8M	20x	as long as short
Extended PONS-USD	+0.0608%	1h	0.5919	+0.033%	$106K	$807K	5x	as long as short
MEXC PONS_USDT	+0.0608%	4h	0.5921	+0.063%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0608%	4h	0.5920	+0.049%	$38.7M	$94.7M	20x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.5939	+0.360%	$20K	$296K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5920	+0.045%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0738%	4h	0.5919	+0.029%	$1.6M	$3.8M	20x	as long as short
Lighter PONS	+0.0760%	1h	0.5920	+0.041%	$1.6M	$886K	3x	as long as short
Polymarket Perps PONS-USD	+0.0789%	1h	0.5916	−0.025%	$87K	$1.7M	3x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.5920	+0.046%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0825%	4h	0.5918	+0.012%	$17.7M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0856%	4h	0.5919	+0.029%	$1.7M	$943K	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5937	+0.338%	$45K	$121K	3x	as long as short