Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h −0.175%

Price spread now: Bitget against Lighter+0.027%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$610.609% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.519%−$52 on $10k

Price spread, last 7 days−0.129%−$13 · spread now +0.027%, 7d avg −0.013%

Together, before fees−0.648%+ Points / potential airdropLighter: Season 3 · farm board−$65 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bitget is 0.039% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.013%. Mind the row above: over the last 7 days funding on this pair cost −0.519%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5984	0.0144	pay 0.0018% / 1h	55m 10s	$1.7M	$881K	3x
Short	Bitget PONSUSDT	0.5986	0.0288	get 0.0144% / 4h	2h 55m	$4.6M	$11.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.027%Rate

Funding earned: $30.24
Price spread: +0.027% → −0.013%: $3.93
Slippage, 4 orders: −$48.87
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$26.7
Costs to cover: 0.609%
Break-even: 13.2 days

Slippage from Lighter: live order book, 6 min ago; Bitget: live order book, 3 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, 6 min ago	6.20 bp	10.6 bp −$11	38.6 bp −$386	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	2.90 bp	15.1 bp −$15	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 +0.0033% / S −0.0033%	1h	0.5977	−0.122%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.242%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5984	0.000%	$421K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5985	+0.017%	$16K	$420K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5976	−0.141%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6016	+0.530%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5989	+0.092%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5989	+0.089%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5985	+0.017%	$26K	$533K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5998	+0.236%	$64K	$510K	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	0.5989	+0.084%	$1.6M	$3.2M	20x	as long as short
Lighter PONSlong	+0.0144%	1h	0.5984	long leg	$1.7M	$881K	3x
Aevo PONS-PERP	+0.0176%	1h	0.5985	+0.021%	$373	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0228%	4h	0.5984	0.000%	$13.7M	$55.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0240%	4h	0.5978	−0.092%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDTshort	+0.0288%	4h	0.5986	+0.027%	$4.6M	$11.4M	20x
Aster PONSUSDT	+0.0294%	4h	0.5979	−0.079%	$1.1M	$2.0M	20x	as long as short
Nado PONS-PERP	+0.0333%	1h	0.5986	+0.033%	$103K	$115K	5x	as long as short
Extended PONS-USD	+0.0376%	1h	0.5983	−0.024%	$248K	$682K	5x	as long as short
Binance PONSUSDT	+0.0379%	4h	0.5987	+0.052%	$39.3M	$96.1M	20x	as long as short
MEXC PONS_USDT	+0.0382%	4h	0.5984	0.000%	$7.8M	$4.7M	20x	as long as short
Bybit PONSUSDT	+0.0398%	4h	0.5978	−0.100%	$18.0M	$30.8M	20x	as long as short
edgeX PONSUSDC	+0.0403%	4h	0.6016	+0.535%	$21K	$291K	10x	as long as short
BingX PONS-USDT	+0.0434%	4h	0.5985	+0.017%	—	$3.1M	—	as long as short
Hyperliquid PONS	+0.0609%	1h	0.5987	+0.043%	$60.8M	$29.0M	3x	as long as short
BloFin PONS-USDT	+0.0619%	4h	0.5985	+0.017%	$1.8M	$980K	20x	as long as short
Polymarket Perps PONS-USD	+0.0682%	1h	0.5984	−0.008%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.5984	−0.003%	$47K	$78K	3x	as long as short
Gate PONS_USDT	+0.0904%	4h	0.5988	+0.067%	$5.2M	$6.0M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6036	+0.872%	$31K	$107K	3x	as long as short