Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0426%/8h= −46.6% APRpaid last 24h −0.096%

Price spread now: Variational Omni against Hyperliquid+0.099%7-day average −0.054% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.192%−$19 on $10k

Price spread, last 7 days−0.174%−$17 · spread now +0.099%, 7d avg −0.054%

Together, before fees−0.366%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.153% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.099% now, against its 7-day average of −0.054%): +$15 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 29 hours. At the pace of the last 3 days (−0.192% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.5807	0.0526	pay 0.0066% / 1h	45m 05s	$57.9M	$30.0M	3x
Short	Variational Omni PONS	0.5813	0.0100	get 0.0050% / 4h	2h 45m	$1.3M	$4.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.099%Rate

Funding earned: −$89.38
Price spread: +0.099% → −0.054%: $15.29
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$83.09
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 8 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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	0.76 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.81 bp	doesn't fit	47.6 bp −$476	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	0.5801	−0.117%	$213K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+1.934%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5811	+0.064%	$391K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5806	−0.022%	$21K	$453K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5803	−0.074%	$17.5M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5801	−0.108%	$13.3M	$55.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5809	+0.026%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5809	+0.026%	$4.5M	$11.6M	20x	as long as short
Variational Omni PONSshort	+0.0100%	4h	0.5813	+0.099%	$1.3M	$4.3M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.5877	+1.205%	$34K	$328K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5806	−0.014%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5809	+0.029%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5808	+0.005%	$26K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5809	+0.038%	$63K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5815	+0.133%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0112%	1h	0.5800	−0.126%	$361	—	3x	as long as short
Binance PONSUSDT	+0.0135%	4h	0.5807	−0.010%	$37.8M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0136%	1h	0.5807	−0.011%	$104K	$532K	5x	as long as short
MEXC PONS_USDT	+0.0150%	4h	0.5809	+0.029%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0164%	4h	0.5809	+0.029%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0172%	4h	0.5803	−0.078%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0174%	4h	0.5857	+0.862%	$20K	$294K	10x	as long as short
Nado PONS-PERP	+0.0181%	1h	0.5802	−0.085%	$88K	$103K	5x	as long as short
Gate PONS_USDT	+0.0240%	4h	0.5811	+0.064%	$5.1M	$6.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0296%	1h	0.5807	−0.009%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0375%	4h	0.5807	−0.005%	$1.7M	$954K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5797	−0.185%	$46K	$102K	3x	as long as short
Hyperliquid PONSlong	+0.0526%	1h	0.5807	long leg	$57.9M	$30.0M	3x
Lighter PONS	+0.0672%	1h	0.5815	+0.129%	$1.7M	$880K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5873	+1.135%	$27K	$86K	3x	as long as short