Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0832%/8h= +91.1% APRpaid last 24h +0.318%

Price spread now: Phoenix against KuCoin−0.314%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs+$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

costs, in and out, $10k−$1011.007% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.788%+$179 on $10k

Price spread, last 4 days (all we have)+0.277%+$28 · spread now −0.314%, 7d avg +0.026%

Together, before fees+2.065%+$207 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.340% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.314% now, against its 7-day average of +0.026%). If the spread goes back, that is −$34 on $10k: about 33 hours of funding at the current rate (+$25 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PONSUSDTM	0.5927	0.0640	pay 0.0320% / 4h	1h 35m	$1.6M	$3.8M	20x
Short	Phoenix PONS	0.5909	0.1472	get 0.0184% / 1h	35m 08s	$45K	$127K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.314%Rate

Funding earned: $174.79
Price spread: −0.314% → +0.026%: −$34.01
Slippage, 4 orders: −$81.72
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $40.07
Costs to cover: 1.007%
Break-even: 5.4 days

Slippage from KuCoin: live order book, 2 min ago; Phoenix: live order book, 65 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, 2 min ago	2.45 bp	36.3 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 65 min ago	4.06 bp	19.3 bp −$19	64.7 bp −$647	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 +0.0033% / S −0.0032%	1h	0.5907	−0.347%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.710%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5925	−0.040%	$417K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5923	−0.074%	$22K	$421K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5930	+0.040%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5927	−0.008%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5903	−0.418%	$29K	$316K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5922	−0.093%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5926	−0.032%	$26K	$586K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5935	+0.121%	$65K	$524K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5923	−0.074%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5926	−0.024%	$369	—	3x	as long as short
Hyperliquid PONS	+0.0226%	1h	0.5924	−0.062%	$60.1M	$29.5M	3x	as long as short
Gate PONS_USDT	+0.0390%	4h	0.5919	−0.142%	$5.3M	$6.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0405%	4h	0.5923	−0.074%	$13.4M	$55.9M	20x	as long as short
Polymarket Perps PONS-USD	+0.0442%	1h	0.5923	−0.074%	$94K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0460%	4h	0.5924	−0.053%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0520%	1h	0.5925	−0.047%	$101K	$811K	5x	as long as short
Binance PONSUSDT	+0.0521%	4h	0.5926	−0.024%	$37.3M	$98.5M	20x	as long as short
MEXC PONS_USDT	+0.0522%	4h	0.5926	−0.024%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0536%	4h	0.5909	−0.310%	$20K	$292K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5926	−0.027%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0595%	4h	0.5908	−0.319%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTMlong	+0.0640%	4h	0.5927	long leg	$1.6M	$3.8M	20x
Bitget PONSUSDT	+0.0676%	4h	0.5928	+0.015%	$4.7M	$12.2M	20x	as long as short
BingX PONS-USDT	+0.0724%	4h	0.5924	−0.057%	—	$3.0M	—	as long as short
Lighter PONS	+0.0736%	1h	0.5927	0.000%	$1.6M	$830K	3x	as long as short
Bybit PONSUSDT	+0.0761%	4h	0.5924	−0.057%	$17.6M	$31.4M	20x	as long as short
BloFin PONS-USDT	+0.0761%	4h	0.5931	+0.061%	$1.7M	$955K	20x	as long as short
Phoenix PONSshort	+0.1472%	1h	0.5909	−0.314%	$45K	$127K	3x