Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0775%/8h= −84.9% APRpaid last 24h −0.164%

Price spread now: SunX against Hyperliquid+0.105%52s7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$318as 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−$2742.738% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.441%−$44 on $10k

Price spread, last 3 days (all we have)+0.085%+$8 · spread now +0.105%, 7d avg +0.033%

Together, before fees−0.356%+ Points / potential airdropHyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.072% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.105% now, against its 7-day average of +0.033%): +$7 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.441% in total) that is about 28 hours. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.441% in total (about -23.0% 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	0.6079	0.0875	pay 0.0109% / 1h	20m 32s	$61.8M	$29.1M	3x
Short	SunX PONS-USDT	0.6086	0.0100	get 0.0050% / 4h	3h 20m	—	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$162.75
Price spread: +0.105% → +0.033%: $7.24
Slippage, 4 orders: −$256.78
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$429.28
Costs to cover: 2.738%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; SunX: 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, 3 min ago	0.08 bp	10.6 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	105.38 bp	125.3 bp −$125	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 +0.0033% / S −0.0033%	1h	0.6078	−0.028%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.809%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6078	−0.033%	$428K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6077	−0.041%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6082	+0.041%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6093	+0.230%	$33K	$358K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6090	+0.166%	$2K	$3K	10x	as long as short
SunX PONS-USDTshort	+0.0100%	4h	0.6086	+0.105%	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6087	+0.115%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6100	+0.339%	$65K	$510K	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	0.6085	+0.090%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6087	+0.123%	$379	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0180%	4h	0.6074	−0.090%	$13.9M	$56.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0182%	4h	0.6077	−0.049%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0250%	4h	0.6079	0.000%	$4.7M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0270%	4h	0.6079	−0.016%	$1.1M	$2.1M	20x	as long as short
Binance PONSUSDT	+0.0355%	4h	0.6079	−0.016%	$39.9M	$96.4M	20x	as long as short
MEXC PONS_USDT	+0.0358%	4h	0.6078	−0.025%	$7.9M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0360%	1h	0.6075	−0.068%	$252K	$678K	5x	as long as short
edgeX PONSUSDC	+0.0383%	4h	0.6091	+0.185%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0392%	1h	0.6078	−0.026%	$1.7M	$933K	3x	as long as short
Bybit PONSUSDT	+0.0568%	4h	0.6074	−0.090%	$18.2M	$30.9M	20x	as long as short
BloFin PONS-USDT	+0.0599%	4h	0.6086	+0.107%	$1.8M	$998K	20x	as long as short
BingX PONS-USDT	+0.0612%	4h	0.6081	+0.025%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0614%	1h	0.6078	−0.029%	$105K	$115K	5x	as long as short
Pacifica PONS	+0.0665%	1h	0.6077	−0.043%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0767%	1h	0.6078	−0.030%	$44K	$1.6M	3x	as long as short
Gate PONS_USDT	+0.0778%	4h	0.6074	−0.090%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONSlong	+0.0875%	1h	0.6079	long leg	$61.8M	$29.1M	3x
Phoenix PONS	+0.1608%	1h	0.6095	+0.248%	$32K	$113K	3x	as long as short