Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0352%/8h= +38.5% APRpaid last 24h +0.118%

Price spread now: Binance against Injective+2.629%67s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Binance is 2.629% dearer against Injective than usual: you sell high and buy low: +$263 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 67 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	Injective PONS/USDC PERP	0.5969	−0.0047	get 0.0006% / 1h	32m 15s	$614	$10K	5.5x
Short	Binance PONSUSDT	0.6126	0.0305	get 0.0152% / 4h	32m 15s	$40.1M	$98.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now +2.629%Rate

Funding earned: $73.91
Price spread: +2.629% → 0.000%: $262.87
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $326.76
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 11 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 11 min ago	0.82 bp	11.5 bp −$12	21.0 bp −$210	228.7 bp −$22.9K	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 PERPlong	−0.0047%	1h	0.5969	long leg	$614	$10K	5.5x
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6115	+2.440%	$236K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6123	+2.580%	$426K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6129	+2.672%	$20K	$439K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6129	+2.665%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6118	+2.488%	$18.5M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6122	+2.555%	$14.0M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6125	+2.601%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6150	+3.022%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6131	+2.702%	$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	0.6127	+2.643%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6122	+2.563%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6150	+3.029%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6124	+2.588%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0116%	4h	0.6124	+2.593%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0140%	4h	0.6125	+2.612%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6126	+2.614%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0172%	4h	0.6124	+2.591%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0216%	1h	0.6126	+2.615%	$1.7M	$922K	3x	as long as short
BingX PONS-USDT	+0.0300%	4h	0.6119	+2.504%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0304%	1h	0.6125	+2.604%	$253K	$682K	5x	as long as short
Binance PONSUSDTshort	+0.0305%	4h	0.6126	+2.629%	$40.1M	$98.7M	20x
MEXC PONS_USDT	+0.0308%	4h	0.6126	+2.622%	$8.1M	$4.9M	20x	as long as short
edgeX PONSUSDC	+0.0309%	4h	0.6134	+2.750%	$21K	$293K	10x	as long as short
BloFin PONS-USDT	+0.0549%	4h	0.6130	+2.689%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0669%	1h	0.6128	+2.648%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6126	+2.613%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0916%	1h	0.6127	+2.635%	$62.2M	$30.4M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6126	+2.620%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2262%	4h	0.6121	+2.538%	$5.4M	$6.3M	20x	as long as short