PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0504%/8h= +55.2% APRnext payment +$0.63 per $10,000 · paid last 24h −0.017%

Price spread now: Polymarket Perps against Hyperliquid−0.116%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Hyperliquid Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 7 days+0.107%+$11 · spread now −0.116%, 7d avg −0.066%

Together, before fees+0.206%+ Points / potential airdropHyperliquid: Season 2 · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.051% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.116% now, against its 7-day average of −0.066%). If the spread goes back, that is −$5 on $10k: about 8 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.099% in total) that is about 3.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.099% in total (about 5.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.63 per $10,000. 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	0.5924	0.0237	pay 0.0030% / 1h	0m 58s	$60.2M	$29.6M	3x
Short	Polymarket Perps PONS-USD	0.5917	0.0741	get 0.0093% / 1h	0m 58s	$87K	$1.9M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.116%Rate

Funding earned: $105.79
Price spread: −0.116% → −0.066%: −$5.06
Slippage, 4 orders: −$16.87
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $66.87
Costs to cover: 0.339%
Break-even: 2.6 days

Slippage from Hyperliquid: live order book, 13 min ago; Polymarket Perps: 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, 13 min ago	1.27 bp	11.2 bp −$11	13.5 bp −$135	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	1.10 bp	5.1 bp −$5	8.0 bp −$80	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	−0.240%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.761%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5917	−0.125%	$407K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5919	−0.091%	$21K	$422K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5924	−0.015%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5919	−0.091%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5905	−0.331%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5919	−0.095%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5918	−0.103%	$26K	$585K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5913	−0.199%	$64K	$525K	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	0.5917	−0.125%	$1.6M	$3.2M	20x	as long as short
Gate PONS_USDT	+0.0154%	4h	0.5912	−0.209%	$5.2M	$6.4M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5919	−0.085%	$369	—	3x	as long as short
Hyperliquid PONSlong	+0.0237%	1h	0.5924	long leg	$60.2M	$29.6M	3x
OKX PONS-USDT-SWAP	+0.0425%	4h	0.5921	−0.057%	$13.4M	$55.9M	20x	as long as short
Aster PONSUSDT	+0.0481%	4h	0.5922	−0.042%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0586%	4h	0.5920	−0.074%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0589%	4h	0.5923	−0.019%	$37.3M	$98.6M	20x	as long as short
Extended PONS-USD	+0.0592%	1h	0.5920	−0.066%	$101K	$811K	5x	as long as short
edgeX PONSUSDC	+0.0600%	4h	0.5911	−0.226%	$20K	$296K	10x	as long as short
Bitget PONSUSDT	+0.0648%	4h	0.5924	−0.002%	$4.7M	$12.3M	20x	as long as short
Variational Omni PONS	+0.0659%	4h	0.5914	−0.168%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0684%	4h	0.5923	−0.020%	$1.6M	$3.8M	20x	as long as short
Pacifica PONS	+0.0715%	1h	0.5918	−0.107%	$45K	$69K	3x	as long as short
Polymarket Perps PONS-USDshort	+0.0741%	1h	0.5917	−0.116%	$87K	$1.9M	3x
BloFin PONS-USDT	+0.0829%	4h	0.5920	−0.074%	$1.7M	$959K	20x	as long as short
Lighter PONS	+0.0840%	1h	0.5919	−0.084%	$1.6M	$941K	3x	as long as short
BingX PONS-USDT	+0.0898%	4h	0.5925	+0.010%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0932%	4h	0.5921	−0.057%	$17.6M	$31.5M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5909	−0.267%	$45K	$121K	3x	as long as short