Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0940%/8h= +102.9% APRpaid last 24h +0.197%

Price spread now: Lighter against KuCoin+0.151%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$780.779% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.645%+$65 on $10k

Price spread, last 7 days+0.013%+$1 · spread now +0.151%, 7d avg +0.034%

Together, before fees+0.658%+ Points / potential airdropLighter: Season 3 · farm board+$66 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Lighter is 0.117% dearer against KuCoin than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.034%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.645% in total (about 33.7% 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	0.5904	0.0100	pay 0.0050% / 4h	2h 21m	$1.7M	$3.7M	20x
Short	Lighter PONS	0.5913	0.1040	get 0.0130% / 1h	21m 23s	$1.7M	$883K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.151%Rate

Funding earned: $197.4
Price spread: +0.151% → +0.034%: $11.65
Slippage, 4 orders: −$65.9
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $131.15
Costs to cover: 0.779%
Break-even: 2.3 days

Slippage from KuCoin: live order book, 6 min ago; Lighter: live order book, 5 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, 6 min ago	6.69 bp	32.3 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	4.82 bp	5.6 bp −$6	11.7 bp −$117	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	0.5894	−0.157%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.271%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5905	+0.024%	$21K	$446K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5904	+0.007%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5899	−0.078%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5897	−0.112%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTMlong	+0.0100%	4h	0.5904	long leg	$1.7M	$3.7M	20x
Bitget PONSUSDT	+0.0100%	4h	0.5904	+0.003%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5909	+0.088%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5895	−0.141%	$34K	$333K	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	0.5909	+0.088%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5910	+0.105%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5901	−0.042%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5905	+0.029%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5896	−0.129%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5902	−0.027%	$368	—	3x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5902	−0.022%	$106K	$533K	5x	as long as short
Binance PONSUSDT	+0.0178%	4h	0.5903	−0.010%	$38.4M	$98.4M	20x	as long as short
MEXC PONS_USDT	+0.0178%	4h	0.5906	+0.041%	$7.5M	$5.2M	20x	as long as short
edgeX PONSUSDC	+0.0182%	4h	0.5896	−0.128%	$21K	$293K	10x	as long as short
BingX PONS-USDT	+0.0184%	4h	0.5898	−0.095%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0194%	4h	0.5906	+0.048%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0352%	1h	0.5906	+0.034%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0421%	4h	0.5901	−0.044%	$1.7M	$965K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5910	+0.107%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0491%	1h	0.5903	−0.007%	$59.1M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0632%	1h	0.5910	+0.107%	$415K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0666%	4h	0.5900	−0.061%	$5.2M	$6.8M	20x	as long as short
Lighter PONSshort	+0.1040%	1h	0.5913	+0.151%	$1.7M	$883K	3x
Phoenix PONS	+0.1275%	1h	0.5904	+0.007%	$30K	$86K	3x	as long as short