Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0602%/8h= +65.9% APRpaid last 24h +0.090%

Price spread now: Hyperliquid against KuCoin+0.151%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$760.761% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

Price spread, last 7 days−0.073%−$7 · spread now +0.151%, 7d avg +0.029%

Together, before fees+0.105%+ Points / potential airdropHyperliquid: Season 2 · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Hyperliquid is 0.122% dearer against KuCoin than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.029%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.178% in total (about 9.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PONSUSDTM	0.5896	0.0100	pay 0.0050% / 4h	2h 53m	$1.7M	$3.7M	20x
Short	Hyperliquid PONS	0.5905	0.0702	get 0.0088% / 1h	53m 42s	$59.1M	$29.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.151%Rate

Funding earned: $126.47
Price spread: +0.151% → +0.029%: $12.21
Slippage, 4 orders: −$55.07
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $62.61
Costs to cover: 0.761%
Break-even: 3.5 days

Slippage from KuCoin: live order book, 4 min ago; Hyperliquid: live order book, 10 min ago.

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 KuCoin live order book, 4 min ago	6.16 bp	31.6 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.59 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit

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	0.5892	−0.055%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.405%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5901	+0.090%	$21K	$459K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5895	−0.012%	$17.8M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5896	+0.005%	$13.5M	$55.8M	20x	as long as short
KuCoin PONSUSDTMlong	+0.0100%	4h	0.5896	long leg	$1.7M	$3.7M	20x
Bitget PONSUSDT	+0.0100%	4h	0.5904	+0.139%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5929	+0.573%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5922	+0.449%	$34K	$326K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5901	+0.092%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5910	+0.236%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5895	−0.020%	$27K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5908	+0.214%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5897	+0.022%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5901	+0.088%	$368	—	3x	as long as short
Lighter RH PONS	+0.0136%	1h	0.5902	+0.105%	$397K	$2.6M	3x	as long as short
Binance PONSUSDT	+0.0173%	4h	0.5900	+0.071%	$38.5M	$98.1M	20x	as long as short
MEXC PONS_USDT	+0.0174%	4h	0.5902	+0.107%	$7.7M	$5.1M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5902	+0.104%	$105K	$529K	5x	as long as short
BingX PONS-USDT	+0.0190%	4h	0.5903	+0.124%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0192%	4h	0.5932	+0.616%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0239%	4h	0.5901	+0.089%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0313%	1h	0.5899	+0.059%	$38K	$1.8M	3x	as long as short
Gate PONS_USDT	+0.0358%	4h	0.5900	+0.073%	$5.2M	$6.7M	20x	as long as short
Nado PONS-PERP	+0.0408%	1h	0.5903	+0.125%	$89K	$103K	5x	as long as short
BloFin PONS-USDT	+0.0416%	4h	0.5923	+0.463%	$1.7M	$984K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5907	+0.191%	$47K	$102K	3x	as long as short
Hyperliquid PONSshort	+0.0702%	1h	0.5905	+0.151%	$59.1M	$29.5M	3x
Lighter PONS	+0.1040%	1h	0.5903	+0.127%	$1.7M	$879K	3x	as long as short
Phoenix PONS	+0.1232%	1h	0.5931	+0.606%	$27K	$86K	3x	as long as short