Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0604%/8h= −66.2% APRpaid last 24h −0.192%

Price spread now: Binance against Lighter−0.139%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.447%−$45 on $10k

Price spread, last 7 days−0.043%−$4 · spread now −0.139%, 7d avg +0.007%

Together, before fees−0.490%+ Points / potential airdropLighter: Season 3 · farm board−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Binance is 0.145% cheaper against Lighter than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5891	0.0760	pay 0.0095% / 1h	48m 30s	$1.7M	$879K	3x
Short	Binance PONSUSDT	0.5883	0.0156	get 0.0078% / 4h	2h 48m	$38.3M	$98.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.139%Rate

Funding earned: −$126.91
Price spread: −0.139% → +0.007%: −$14.53
Slippage, 4 orders: −$27.43
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$178.87
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Binance: live order book, 9 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 Lighter live order book, 3 min ago	4.06 bp	4.7 bp −$5	13.6 bp −$136	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.84 bp	12.5 bp −$12	33.1 bp −$331	253.8 bp −$25.4K	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	0.5880	−0.191%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.489%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5887	−0.056%	$396K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5882	−0.149%	$21K	$456K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5877	−0.234%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5879	−0.200%	$13.5M	$55.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5878	−0.222%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5887	−0.071%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5902	+0.182%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5913	+0.380%	$34K	$327K	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	0.5892	+0.019%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5896	+0.081%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5881	−0.165%	$27K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5893	+0.042%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5883	−0.132%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5885	−0.098%	$367	—	3x	as long as short
Binance PONSUSDTshort	+0.0156%	4h	0.5883	−0.139%	$38.3M	$98.1M	20x
MEXC PONS_USDT	+0.0164%	4h	0.5885	−0.098%	$7.6M	$5.1M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5883	−0.133%	$105K	$529K	5x	as long as short
BingX PONS-USDT	+0.0176%	4h	0.5886	−0.081%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0189%	4h	0.5914	+0.386%	$21K	$293K	10x	as long as short
Aster PONSUSDT	+0.0210%	4h	0.5882	−0.150%	$1.1M	$2.2M	20x	as long as short
Nado PONS-PERP	+0.0237%	1h	0.5883	−0.130%	$89K	$103K	5x	as long as short
Polymarket Perps PONS-USD	+0.0341%	1h	0.5882	−0.143%	$38K	$1.8M	3x	as long as short
Gate PONS_USDT	+0.0402%	4h	0.5880	−0.183%	$5.1M	$6.7M	20x	as long as short
BloFin PONS-USDT	+0.0404%	4h	0.5886	−0.081%	$1.7M	$964K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5884	−0.107%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0662%	1h	0.5885	−0.098%	$58.8M	$29.8M	3x	as long as short
Lighter PONSlong	+0.0760%	1h	0.5891	long leg	$1.7M	$879K	3x
Phoenix PONS	+0.1275%	1h	0.5909	+0.317%	$27K	$86K	3x	as long as short