Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0835%/8h= −91.4% APRpaid last 24h −0.117%

Price spread now: OKX against Hyperliquid−0.186%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$470.471% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 7 days+0.146%+$15 · spread now −0.186%, 7d avg −0.040%

Together, before fees−0.013%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and OKX is 0.146% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.159% in total (about -8.3% 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	0.6134	0.0935	pay 0.0117% / 1h	34m 18s	$62.3M	$30.4M	3x
Short	OKX PONS-USDT-SWAP	0.6123	0.0100	get 0.0050% / 4h	34m 18s	$14.0M	$58.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.186%Rate

Funding earned: −$175.35
Price spread: −0.186% → −0.040%: −$14.58
Slippage, 4 orders: −$28.09
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$237.03
Costs to cover: 0.471%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; OKX: live order book, 4 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, 9 min ago	0.08 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.81 bp	12.2 bp −$12	37.4 bp −$374	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.688%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6121	−0.216%	$236K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6139	+0.070%	$428K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6142	+0.124%	$20K	$440K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6137	+0.042%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6123	−0.186%	$18.5M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAPshort	+0.0100%	4h	0.6123	−0.186%	$14.0M	$58.2M	20x
Variational Omni PONS	+0.0100%	4h	0.6125	−0.157%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6139	+0.082%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6132	−0.036%	$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	0.6129	−0.090%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6132	−0.039%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6154	+0.323%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6133	−0.023%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0122%	4h	0.6139	+0.067%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0138%	4h	0.6129	−0.096%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6128	−0.104%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0179%	4h	0.6134	0.000%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0232%	1h	0.6139	+0.073%	$1.7M	$922K	3x	as long as short
BingX PONS-USDT	+0.0300%	4h	0.6127	−0.121%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0308%	4h	0.6135	+0.010%	$8.1M	$4.9M	20x	as long as short
edgeX PONSUSDC	+0.0309%	4h	0.6134	−0.012%	$21K	$293K	10x	as long as short
Binance PONSUSDT	+0.0309%	4h	0.6127	−0.121%	$40.1M	$98.8M	20x	as long as short
Extended PONS-USD	+0.0312%	1h	0.6140	+0.088%	$253K	$682K	5x	as long as short
BloFin PONS-USDT	+0.0549%	4h	0.6132	−0.039%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0668%	1h	0.6131	−0.049%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6139	+0.074%	$48K	$96K	3x	as long as short
Hyperliquid PONSlong	+0.0935%	1h	0.6134	long leg	$62.3M	$30.4M	3x
Phoenix PONS	+0.1307%	1h	0.6134	−0.010%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2234%	4h	0.6126	−0.137%	$5.4M	$6.3M	20x	as long as short