Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.110%

Price spread now: Variational Omni against Injective−1.800%7-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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 1.800% cheaper against Injective than usual: you would sell low and buy high (spread −1.800% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$180 on $10k: about 6 months of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PONS/USDC PERP	0.5920	0.0066	pay 0.0008% / 1h	45m 01s	$609	$6K	5.5x
Short	Variational Omni PONS	0.5813	0.0100	get 0.0050% / 4h	2h 45m	$1.3M	$4.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −1.800%Rate

Funding earned: $7.15
Price spread: −1.800% → 0.000%: −$180.03
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$172.9
Costs to cover: 0.000%
Break-even: 176.2 days

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	6.81 bp	doesn't fit	47.6 bp −$476	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 −0.0034%	1h	0.5801	−2.011%	$213K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0066%	1h	0.5920	long leg	$609	$6K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5811	−1.835%	$391K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5806	−1.919%	$21K	$453K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5800	−2.020%	$17.5M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5801	−2.004%	$13.3M	$55.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5804	−1.956%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5801	−2.007%	$4.5M	$11.7M	20x	as long as short
Variational Omni PONSshort	+0.0100%	4h	0.5813	−1.800%	$1.3M	$4.3M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.5877	−0.715%	$34K	$328K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5806	−1.911%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5809	−1.868%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5808	−1.892%	$26K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5809	−1.860%	$63K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5815	−1.767%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0112%	1h	0.5800	−2.020%	$361	—	3x	as long as short
Binance PONSUSDT	+0.0135%	4h	0.5806	−1.919%	$37.8M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0136%	1h	0.5803	−1.962%	$104K	$532K	5x	as long as short
MEXC PONS_USDT	+0.0150%	4h	0.5807	−1.902%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0164%	4h	0.5809	−1.868%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0172%	4h	0.5804	−1.948%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0174%	4h	0.5857	−1.052%	$20K	$294K	10x	as long as short
Nado PONS-PERP	+0.0181%	1h	0.5802	−1.981%	$88K	$103K	5x	as long as short
Gate PONS_USDT	+0.0240%	4h	0.5811	−1.835%	$5.1M	$6.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0296%	1h	0.5807	−1.906%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0375%	4h	0.5807	−1.902%	$1.7M	$954K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5797	−2.078%	$46K	$102K	3x	as long as short
Hyperliquid PONS	+0.0526%	1h	0.5807	−1.897%	$57.9M	$30.0M	3x	as long as short
Lighter PONS	+0.0672%	1h	0.5815	−1.770%	$1.7M	$880K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5873	−0.784%	$27K	$86K	3x	as long as short