Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.022%

Price spread now: Phemex against Injective−0.345%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 Phemex

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. Phemex is 0.345% cheaper against Injective than usual: you would sell low and buy high (spread −0.345% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$35 on $10k: about 17 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	0.5938	0.0033	pay 0.0004% / 1h	7m 29s	$610	$10K	5.5x
Short	Phemex PONSUSDT	0.5918	0.0100	get 0.0050% / 4h	1h 07m	$1.6M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −0.345%Rate

Funding earned: $14
Price spread: −0.345% → 0.000%: −$34.52
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$32.54
Costs to cover: 0.120%
Break-even: 23.3 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 1 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 Phemex live order book, 1 min ago	10.98 bp	37.3 bp −$37	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 +0.0032% / S −0.0030%	1h	0.5921	−0.298%	$242K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0033%	1h	0.5938	long leg	$610	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5918	−0.337%	$410K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5923	−0.261%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5933	−0.089%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5922	−0.280%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5921	−0.298%	$29K	$314K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5920	−0.312%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5920	−0.312%	$26K	$581K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5920	−0.310%	$64K	$526K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDTshort	+0.0100%	4h	0.5918	−0.345%	$1.6M	$3.2M	20x
Aevo PONS-PERP	+0.0200%	1h	0.5920	−0.317%	$369	—	3x	as long as short
Hyperliquid PONS	+0.0298%	1h	0.5925	−0.231%	$60.2M	$29.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0409%	4h	0.5934	−0.076%	$13.4M	$55.4M	20x	as long as short
Aster PONSUSDT	+0.0446%	4h	0.5918	−0.352%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0483%	4h	0.5928	−0.170%	$37.3M	$97.9M	20x	as long as short
MEXC PONS_USDT	+0.0486%	4h	0.5922	−0.278%	$7.6M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0488%	1h	0.5916	−0.373%	$101K	$807K	5x	as long as short
edgeX PONSUSDC	+0.0500%	4h	0.5918	−0.353%	$20K	$290K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5920	−0.307%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0564%	4h	0.5916	−0.380%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0598%	4h	0.5925	−0.221%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0643%	1h	0.5922	−0.283%	$87K	$1.9M	3x	as long as short
BingX PONS-USDT	+0.0656%	4h	0.5924	−0.244%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0673%	4h	0.5933	−0.093%	$17.6M	$31.2M	20x	as long as short
Bitget PONSUSDT	+0.0682%	4h	0.5926	−0.219%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDT	+0.0728%	4h	0.5917	−0.362%	$1.7M	$941K	20x	as long as short
Gate PONS_USDT	+0.0760%	4h	0.5930	−0.143%	$5.3M	$6.3M	20x	as long as short
Lighter PONS	+0.0888%	1h	0.5922	−0.276%	$1.6M	$832K	3x	as long as short
Phoenix PONS	+0.1472%	1h	0.5918	−0.344%	$45K	$127K	3x	as long as short