PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0462%/8h= +50.6% APRnext payment +$0.58 per $10,000 · paid last 24h +0.220%

Price spread now: Phoenix against Hyperliquid+0.508%81s7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs+$96as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$640.640% of the position

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.602%+$160 on $10k

Price spread, last 3 days (all we have)−0.454%−$45 · spread now +0.508%, 7d avg −0.015%

Together, before fees+1.147%+ Points / potential airdropHyperliquid: Season 2 · farm board+$115 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Phoenix is 0.523% dearer against Hyperliquid than usual: you sell high and buy low: +$52 more if the spread goes back to its 7-day average of −0.015%. The two prices were read 81 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.6102	0.0845	pay 0.0106% / 1h	16m 05s	$62.1M	$30.1M	3x
Short	Phoenix PONS	0.6133	0.1307	get 0.0163% / 1h	16m 05s	$31K	$102K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.508%Rate

Funding earned: $96.98
Price spread: +0.508% → −0.015%: $52.33
Slippage, 4 orders: −$47.96
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $85.35
Costs to cover: 0.640%
Break-even: 0.8 days

Slippage from Hyperliquid: live order book, 7 min ago; Phoenix: live order book, 37 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, 7 min ago	0.08 bp	14.9 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 37 min ago	4.06 bp	19.2 bp −$19	64.7 bp −$647	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	−2.165%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6098	−0.061%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6105	+0.062%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6108	+0.105%	$20K	$431K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6108	+0.097%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6101	−0.010%	$18.3M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6102	+0.007%	$13.9M	$57.8M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6104	+0.041%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6120	+0.297%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6107	+0.087%	$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	0.6109	+0.126%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6103	+0.031%	$28K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6119	+0.288%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6105	+0.056%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0124%	4h	0.6106	+0.069%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0154%	4h	0.6104	+0.038%	$4.7M	$11.7M	20x	as long as short
Aster PONSUSDT	+0.0159%	4h	0.6101	−0.014%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6104	+0.045%	$380	—	3x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6105	+0.053%	$253K	$682K	5x	as long as short
Binance PONSUSDT	+0.0307%	4h	0.6104	+0.039%	$40.0M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0312%	4h	0.6105	+0.056%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0318%	4h	0.6101	−0.010%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0337%	4h	0.6118	+0.271%	$21K	$294K	10x	as long as short
Lighter PONS	+0.0344%	1h	0.6107	+0.089%	$1.7M	$931K	3x	as long as short
BloFin PONS-USDT	+0.0552%	4h	0.6111	+0.154%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0644%	1h	0.6108	+0.098%	$42K	$1.7M	3x	as long as short
Hyperliquid PONSlong	+0.0845%	1h	0.6102	long leg	$62.1M	$30.1M	3x
Pacifica PONS	+0.0899%	1h	0.6107	+0.082%	$48K	$96K	3x	as long as short
Phoenix PONSshort	+0.1307%	1h	0.6133	+0.508%	$31K	$102K	3x
Gate PONS_USDT	+0.2492%	4h	0.6100	−0.026%	$5.3M	$6.3M	20x	as long as short