Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.116%

Price spread now: Injective against KuCoin+0.225%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Injective

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

The price spread pays, funding is against you. Injective is 0.225% dearer against KuCoin than usual: you sell high and buy low (spread +0.225% now, against zero (this spread has no 7-day history yet)): +$23 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PONSUSDTM	0.5906	0.0100	pay 0.0050% / 4h	2h 27m	$1.7M	$3.7M	20x
Short	Injective PONS/USDC PERP	0.5920	0.0066	get 0.0008% / 1h	27m 11s	$609	$6K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. 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 KuCoinbpFee InjectivebpOrdersPrice spread, now +0.225%Rate

Funding earned: −$7.15
Price spread: +0.225% → 0.000%: $22.52
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $3.34
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 5 min ago; Injective: no order-book sample. 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 KuCoin live order book, 5 min ago	5.59 bp	30.5 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	0.5899	−0.126%	$216K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0066%	1h	0.5920	+0.225%	$609	$6K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.5905	−0.022%	$21K	$447K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5904	−0.032%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5903	−0.056%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5905	−0.022%	$13.4M	$56.2M	20x	as long as short
KuCoin PONSUSDTMlong	+0.0100%	4h	0.5906	long leg	$1.7M	$3.7M	20x
Bitget PONSUSDT	+0.0100%	4h	0.5907	+0.012%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5903	−0.052%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5903	−0.059%	$34K	$332K	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	0.5912	+0.098%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5907	+0.019%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5906	−0.007%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5921	+0.256%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5899	−0.124%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5907	+0.020%	$368	—	3x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5904	−0.039%	—	$3.1M	—	as long as short
Extended PONS-USD	+0.0184%	1h	0.5907	+0.013%	$105K	$533K	5x	as long as short
MEXC PONS_USDT	+0.0184%	4h	0.5906	−0.005%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0184%	4h	0.5906	+0.001%	$38.4M	$98.4M	20x	as long as short
edgeX PONSUSDC	+0.0187%	4h	0.5907	+0.005%	$21K	$294K	10x	as long as short
Aster PONSUSDT	+0.0217%	4h	0.5908	+0.023%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0339%	1h	0.5905	−0.030%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0424%	4h	0.5909	+0.046%	$1.7M	$967K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5909	+0.040%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0517%	1h	0.5906	−0.002%	$59.0M	$30.1M	3x	as long as short
Gate PONS_USDT	+0.0534%	4h	0.5906	−0.005%	$5.2M	$6.8M	20x	as long as short
Lighter RH PONS	+0.0640%	1h	0.5909	+0.041%	$395K	$2.6M	3x	as long as short
Lighter PONS	+0.1104%	1h	0.5912	+0.095%	$1.7M	$882K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5912	+0.091%	$27K	$86K	3x	as long as short