Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.022%

Price spread now: HTX against Injective−0.328%65s7-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 HTX

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. HTX is 0.328% cheaper against Injective than usual: you would sell low and buy high (spread −0.328% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$33 on $10k: about 16 days of funding at the current rate (+$2 a day). The two prices were read 65 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	38m 06s	$614	$10K	5.5x
Short	HTX PONS-USDT	0.5950	0.0100	get 0.0050% / 4h	1h 38m	$64K	$508K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.328%Rate

Funding earned: $14
Price spread: −0.328% → 0.000%: −$32.83
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$30.85
Costs to cover: 0.120%
Break-even: 22.4 days

Slippage unknown: Injective: no order-book sample; HTX: live order book, 25 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 HTX live order book, 25 min ago	29.48 bp	155.5 bp −$155	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 −0.0033%	1h	0.5944	−0.420%	$235K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0033%	1h	0.5969	long leg	$614	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.5951	−0.310%	$20K	$424K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5998	+0.482%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5960	−0.161%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5979	+0.152%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5952	−0.293%	$26K	$520K	3x	as long as short
HTX PONS-USDTshort	+0.0100%	4h	0.5950	−0.328%	$64K	$508K	20x
Phemex PONSUSDT	+0.0100%	4h	0.5952	−0.293%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0106%	4h	0.5978	+0.148%	$1.4M	$3.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0152%	1h	0.5952	−0.285%	$418K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5957	−0.210%	$371	—	3x	as long as short
Nado PONS-PERP	+0.0227%	1h	0.5951	−0.314%	$70K	$129K	5x	as long as short
Lighter PONS	+0.0232%	1h	0.5953	−0.276%	$1.6M	$875K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0285%	4h	0.5953	−0.276%	$13.6M	$53.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0346%	4h	0.5955	−0.241%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0390%	4h	0.5956	−0.221%	$4.6M	$11.3M	20x	as long as short
Gate PONS_USDT	+0.0400%	4h	0.5957	−0.209%	$5.2M	$6.2M	20x	as long as short
Aster PONSUSDT	+0.0416%	4h	0.5958	−0.189%	$1.1M	$2.1M	20x	as long as short
Extended PONS-USD	+0.0472%	1h	0.5952	−0.301%	$246K	$670K	5x	as long as short
Binance PONSUSDT	+0.0474%	4h	0.5950	−0.324%	$38.9M	$93.8M	20x	as long as short
MEXC PONS_USDT	+0.0474%	4h	0.5951	−0.310%	$7.6M	$4.7M	20x	as long as short
BingX PONS-USDT	+0.0480%	4h	0.5949	−0.343%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0493%	4h	0.5986	+0.273%	$18K	$292K	10x	as long as short
Bybit PONSUSDT	+0.0498%	4h	0.5949	−0.343%	$17.8M	$30.3M	20x	as long as short
Hyperliquid PONS	+0.0710%	1h	0.5949	−0.343%	$60.6M	$27.7M	3x	as long as short
BloFin PONS-USDT	+0.0714%	4h	0.5993	+0.394%	$1.7M	$954K	20x	as long as short
Pacifica PONS	+0.0755%	1h	0.5977	+0.121%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USD	+0.0809%	1h	0.5950	−0.332%	$48K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.6004	+0.578%	$31K	$98K	3x	as long as short