Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 0.5103 | +0.1227 | pay 0.0153% / 1h | 14m 08s | $48K | $166K | 20x | Long Kraken Futures | |
| SHORT | 0.5060 | +0.0254 | get 0.0032% / 1h | 14m 08s | $125K | $636K | 3x | Short Phoenix |
Price gap−0.830%71s
Funding gap−0.0973% /8h
Both sides work against this direction now: funding costs $29 a day on $10k and the gap is 0.876% under its 7d average. Swap the legs.
The two prices were read 71 s apart: part of this gap may be the market moving.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$28−0.0973% /8h now · paid −0.283% over the last 5 days (all we have)
Price—spread −0.830%71s now · prices read too far apart to compare
Costs−$1191.187% of $10k · taker + slippage, in and out
Result—no pointsneeds both prices read together
The current funding rate is far below what this pair has been paying: over the last 5 days it paid −0.283% in total, about −0.0208%/8h on average.
Funding history
you earnyou payavg
RANGE STATS · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.
Price spread between the two exchanges
Phoenix price against Kraken Futuresnow
RANGE STATS · 7D
Now−0.830%
Average—
Range—
Wider than now—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hPONS on 31 exchanges
lowest funding firstBefore you open
1 ok · 4 to watch- Watch: Thin at this size40.2 / 21.1 bpAt $10k entering Kraken Futures costs 40.2 bp, fee and slippage, 1.9× Phoenix’s.
- Note: Margin at max leverage$500 + $3,333Kraken Futures 20x, Phoenix 3x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- OK: Same payment interval1h / 1hBoth legs pay at the same time.Next 24h at the current rates, on $10k a leg: −$29.20Long Kraken Futures: 24 payments, −$36.82; short Phoenix: 24 payments, +$7.61.
- Watch: Prices read 71 s apart−0.830% vs +0.045%Part of this gap may be the market moving.
- Watch: Long leg is thinner$48K vs $125K OIKraken Futures sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCKraken Futures Yes · Phoenix NoFull verification; not offered in the US (a separate US product), Canada, Australia (wholesale only) or to retail UK clients.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0208%/8h × 21 periods−$43.75
Price spreadprices read too far apart to compare—
Slippage, 4 orderslive order books−$101.66
Fee Kraken Futures bp × 2 orders−$10.00
Fee Phoenix bp × 2 orders−$7.00
Net · 7 days · $10k−$162.41
price spread not counted: prices read too far apartCosts to cover1.187%Break-evennever at this rate
Slippage: Kraken Futures: live order book, 54 min ago; Phoenix: live order book, 29 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGKraken Futures10.0340.2 bp−$40doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTPhoenix4.5921.1 bp−$21doesn’t fitdoesn’t fitdoesn’t fit
Closing costs about the same again.
| 09-29 11:00 | gTrade (Gains Network) | Listing | PONS/USD no longer reported ($PONS) seen by our collector |
| 09-29 02:27 | Arcus | Listing | $PONS perpetuals are now live on Arcus. Up to 4x leverage. @arcus_xyz on X ↗ |
| 09-28 19:23 | Arcus | Listing | new market PONS-USD ($PONS) seen by our collector |
| 09-25 11:16 | Kraken Futures | Listing | new market PF_PONSUSD ($PONS) seen by our collector |
| 09-22 17:11 | Avantis | Listing | new market PONS/USD ($PONS) seen by our collector |
| 09-22 13:03 | Bybit | Other | 📣 $PONS is officially listed on #BybitSpot with @ponsdotfamily! Pons is a token launchpad on the Robinhood blockchain, where users can pair tokens with Stock Tokens, ETH, USDG, and more. Tokens are launched through a "fair launch" process with a bonding curve. @Bybit_Official on X ↗ |
gTrade (Gains Network)
Arcus
Avantis
Bybit