Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0147%/8h= +16.1% APRpaid last 24h +0.076%

Price spread now: OKX against Injective+1.885%78s7-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 OKX

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 +$4 a day on $10k at the current rate, and OKX is 1.885% dearer against Injective than usual: you sell high and buy low: +$188 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 78 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	5m 56s	$614	$10K	5.5x
Short	OKX PONS-USDT-SWAP	0.6082	0.0100	get 0.0050% / 4h	5m 56s	$13.9M	$57.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +1.885%Rate

Funding earned: $30.9
Price spread: +1.885% → 0.000%: $188.46
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $209.34
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	1.64 bp	11.8 bp −$12	28.1 bp −$281	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
Injective PONS/USDC PERPlong	−0.0047%	1h	0.5969	long leg	$614	$10K	5.5x
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6072	+1.715%	$240K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6077	+1.801%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6078	+1.818%	$20K	$422K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6084	+1.918%	$18.3M	$31.3M	20x	as long as short
OKX PONS-USDT-SWAPshort	+0.0100%	4h	0.6082	+1.885%	$13.9M	$57.7M	20x
Variational Omni PONS	+0.0100%	4h	0.6076	+1.779%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6095	+2.106%	$32K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6083	+1.898%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6079	+1.828%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6080	+1.856%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6102	+2.228%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6086	+1.952%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0122%	4h	0.6077	+1.796%	$1.7M	$3.8M	20x	as long as short
Aster PONSUSDT	+0.0143%	4h	0.6075	+1.772%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6080	+1.850%	$379	—	3x	as long as short
Bitget PONSUSDT	+0.0160%	4h	0.6087	+1.970%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0198%	1h	0.6081	+1.868%	$105K	$116K	5x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6084	+1.920%	$252K	$682K	5x	as long as short
Binance PONSUSDT	+0.0297%	4h	0.6085	+1.940%	$39.9M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6076	+1.784%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6086	+1.952%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0308%	4h	0.6090	+2.017%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0328%	1h	0.6078	+1.818%	$1.7M	$935K	3x	as long as short
BloFin PONS-USDT	+0.0538%	4h	0.6089	+2.002%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0643%	1h	0.6077	+1.802%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0835%	1h	0.6085	+1.937%	$61.9M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6078	+1.819%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6092	+2.049%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2240%	4h	0.6078	+1.818%	$5.3M	$6.3M	20x	as long as short