Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0650%/8h= +71.2% APRpaid last 24h −0.049%

Price spread now: BloFin against Lighter+0.035%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 4 days (all we have)+0.332%+$33 · spread now +0.035%, 7d avg −0.021%

Together, before fees+0.366%+ Points / potential airdropLighter: Season 3 · farm board+$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and BloFin is 0.056% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.021%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.035% in total (about 1.8% 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	Lighter PONS	0.6002	0.0192	pay 0.0024% / 1h	58m 33s	$1.6M	$890K	3x
Short	BloFin PONS-USDT	0.6004	0.0842	get 0.0421% / 4h	3h 58m	$1.8M	$956K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.035%Rate

Funding earned: $136.47
Price spread: +0.035% → −0.021%: $5.57
Slippage, 4 orders: −$37.26
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $92.78
Costs to cover: 0.493%
Break-even: 2.2 days

Slippage from Lighter: live order book, 3 min ago; BloFin: live order book, 4 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	6.41 bp	7.9 bp −$8	32.1 bp −$321	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.83 bp	17.3 bp −$17	32.4 bp −$324	107.7 bp −$10.8K	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	0.5995	−0.109%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.540%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6008	+0.102%	$21K	$435K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6002	+0.009%	$70K	$129K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5999	−0.048%	$5.2M	$6.1M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6025	+0.392%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6007	+0.087%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6004	+0.038%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6004	+0.033%	$26K	$538K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6013	+0.178%	$65K	$512K	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	0.6009	+0.118%	$1.7M	$3.2M	20x	as long as short
Lighter PONSlong	+0.0192%	1h	0.6002	long leg	$1.6M	$890K	3x
Aevo PONS-PERP	+0.0232%	1h	0.6005	+0.051%	$374	—	3x	as long as short
Lighter RH PONS	+0.0272%	1h	0.6002	0.000%	$411K	$2.5M	3x	as long as short
Variational Omni PONS	+0.0303%	4h	0.6008	+0.101%	$1.4M	$3.9M	—	as long as short
OKX PONS-USDT-SWAP	+0.0320%	4h	0.6003	+0.018%	$13.6M	$55.3M	20x	as long as short
Bybit PONSUSDT	+0.0410%	4h	0.6004	+0.035%	$17.9M	$30.9M	20x	as long as short
Aster PONSUSDT	+0.0445%	4h	0.6004	+0.038%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0490%	4h	0.6006	+0.062%	$4.6M	$11.5M	20x	as long as short
BingX PONS-USDT	+0.0572%	4h	0.6006	+0.068%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0597%	4h	0.6005	+0.054%	$39.3M	$95.3M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6002	+0.007%	$108K	$813K	5x	as long as short
MEXC PONS_USDT	+0.0600%	4h	0.6003	+0.018%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0623%	4h	0.6007	+0.081%	$18K	$294K	10x	as long as short
Hyperliquid PONS	+0.0643%	1h	0.6001	−0.010%	$61.3M	$28.4M	3x	as long as short
KuCoin PONSUSDTM	+0.0694%	4h	0.6004	+0.032%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0723%	1h	0.6004	+0.028%	$71K	$1.6M	3x	as long as short
BloFin PONS-USDTshort	+0.0842%	4h	0.6004	+0.035%	$1.8M	$956K	20x
Pacifica PONS	+0.1081%	1h	0.6002	+0.003%	$47K	$67K	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.6006	+0.073%	$36K	$104K	3x	as long as short