Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0525%/8h= +57.5% APRpaid last 24h +0.102%

Price spread now: Bitget against Injective−0.682%101s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bitget

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

Funding pays, the price is against you. Bitget is 0.682% cheaper against Injective than usual: you would sell low and buy high (spread −0.682% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$68 on $10k: about 4.3 days of funding at the current rate (+$16 a day). The two prices were read 101 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	0.0033	pay 0.0004% / 1h	43m 39s	$614	$10K	5.5x
Short	Bitget PONSUSDT	0.5929	0.0558	get 0.0279% / 4h	2h 43m	$4.7M	$11.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.682%Rate

Funding earned: $110.18
Price spread: −0.682% → 0.000%: −$68.18
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: $29.98
Costs to cover: 0.120%
Break-even: 5.1 days

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 5 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 Bitget live order book, 5 min ago	1.18 bp	20.8 bp −$21	doesn't fit	doesn't fit	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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0032%	1h	0.5925	−0.749%	$235K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0033%	1h	0.5969	long leg	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5929	−0.682%	$418K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5920	−0.829%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5935	−0.574%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5929	−0.678%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5940	−0.487%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5931	−0.645%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5933	−0.620%	$26K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5937	−0.539%	$64K	$513K	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	0.5936	−0.561%	$1.6M	$3.2M	20x	as long as short
Gate PONS_USDT	+0.0142%	4h	0.5923	−0.779%	$5.2M	$6.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.5936	−0.570%	$370	—	3x	as long as short
Hyperliquid PONS	+0.0272%	1h	0.5927	−0.712%	$60.1M	$29.0M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0372%	4h	0.5923	−0.779%	$13.4M	$54.7M	20x	as long as short
Aster PONSUSDT	+0.0490%	4h	0.5930	−0.668%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0538%	4h	0.5931	−0.637%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDTshort	+0.0558%	4h	0.5929	−0.682%	$4.7M	$11.8M	20x
Binance PONSUSDT	+0.0616%	4h	0.5923	−0.782%	$38.7M	$94.7M	20x	as long as short
Extended PONS-USD	+0.0616%	1h	0.5924	−0.755%	$106K	$807K	5x	as long as short
MEXC PONS_USDT	+0.0618%	4h	0.5926	−0.729%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.5939	−0.517%	$20K	$296K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5925	−0.742%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0734%	4h	0.5930	−0.668%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0796%	4h	0.5924	−0.762%	—	$3.0M	—	as long as short
Lighter PONS	+0.0800%	1h	0.5931	−0.647%	$1.6M	$886K	3x	as long as short
Polymarket Perps PONS-USD	+0.0807%	1h	0.5933	−0.613%	$88K	$1.7M	3x	as long as short
Bybit PONSUSDT	+0.0851%	4h	0.5923	−0.779%	$17.7M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0858%	4h	0.5938	−0.528%	$1.7M	$946K	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5937	−0.539%	$45K	$121K	3x	as long as short