Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0489%/8h= −53.6% APRpaid last 24h −0.184%

Price spread now: Phemex against Hyperliquid−0.211%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1001.001% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.413%−$41 on $10k

Price spread, last 3 days (all we have)+0.441%+$44 · spread now −0.211%, 7d avg −0.006%

Together, before fees+0.028%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Phemex is 0.204% cheaper against Hyperliquid than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.5927	0.0589	pay 0.0074% / 1h	55m 42s	$59.6M	$30.1M	3x
Short	Phemex PONSUSDT	0.5915	0.0100	get 0.0050% / 4h	1h 55m	$1.6M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.211%Rate

Funding earned: −$102.78
Price spread: −0.211% → −0.006%: −$20.44
Slippage, 4 orders: −$79.12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$223.34
Costs to cover: 1.001%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Phemex: 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, 8 min ago	0.09 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.70 bp	37.9 bp −$38	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 +0.0032% / S −0.0034%	1h	0.5910	−0.293%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−0.133%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5917	−0.177%	$21K	$442K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5924	−0.059%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5924	−0.059%	$13.4M	$56.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5926	−0.034%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5929	+0.030%	$4.7M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5901	−0.443%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5908	−0.327%	$34K	$340K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5923	−0.073%	$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	0.5919	−0.148%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5917	−0.177%	$27K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5929	+0.024%	$64K	$505K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.5915	−0.211%	$1.6M	$3.3M	20x
Aevo PONS-PERP	+0.0120%	1h	0.5919	−0.146%	$369	—	3x	as long as short
Aster PONSUSDT	+0.0150%	4h	0.5919	−0.142%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0166%	4h	0.5928	+0.008%	$7.5M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5924	−0.060%	$106K	$532K	5x	as long as short
Binance PONSUSDT	+0.0171%	4h	0.5925	−0.042%	$38.5M	$98.1M	20x	as long as short
BingX PONS-USDT	+0.0172%	4h	0.5925	−0.042%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0185%	4h	0.5901	−0.453%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0248%	1h	0.5920	−0.128%	$90K	$103K	5x	as long as short
BloFin PONS-USDT	+0.0407%	4h	0.5895	−0.548%	$1.7M	$965K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5925	−0.038%	$47K	$103K	3x	as long as short
Polymarket Perps PONS-USD	+0.0560%	1h	0.5919	−0.143%	$37K	$1.8M	3x	as long as short
Hyperliquid PONSlong	+0.0589%	1h	0.5927	long leg	$59.6M	$30.1M	3x
Lighter RH PONS	+0.0608%	1h	0.5924	−0.057%	$422K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0928%	4h	0.5918	−0.160%	$5.2M	$6.4M	20x	as long as short
Lighter PONS	+0.1016%	1h	0.5926	−0.019%	$1.7M	$979K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5888	−0.666%	$30K	$86K	3x	as long as short