Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0652%/8h= −71.4% APRpaid last 24h −0.178%

Price spread now: HTX against Lighter+0.274%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$452as in the Funding arb table

Net, price: spread back to 7d avg − costs−$329as in the Price arb table

costs, in and out, $10k−$3573.570% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.950%−$95 on $10k

Price spread, last 4 days (all we have)+0.246%+$25 · spread now +0.274%, 7d avg −0.008%

Together, before fees−0.704%+ Points / potential airdropLighter: Season 3 · farm board−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.282% dearer against Lighter than usual: you sell high and buy low (spread +0.274% now, against its 7-day average of −0.008%): +$28 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6386	0.0752	pay 0.0094% / 1h	3m 45s	$1.8M	$880K	3x
Short	HTX PONS-USDT	0.6403	0.0100	get 0.0050% / 4h	3h 03m	$67K	$529K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.274%Rate

Funding earned: −$136.92
Price spread: +0.274% → −0.008%: $28.19
Slippage, 4 orders: −$344.96
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$465.69
Costs to cover: 3.570%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; HTX: live order book, 30 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	5.95 bp	13.7 bp −$14	23.1 bp −$231	doesn't fit	doesn't fit
Sell HTX live order book, 30 min ago	32.92 bp	190.0 bp −$190	1632.8 bp −$16.3K	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 −0.0030%	1h	0.6376	−0.156%	$251K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−7.006%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6400	+0.221%	$20K	$423K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6396	+0.158%	$74K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6387	+0.013%	$32K	$289K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6396	+0.161%	$75K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6395	+0.146%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6392	+0.092%	—	$1.1M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6386	0.000%	$27K	$623K	3x	as long as short
HTX PONS-USDTshort	+0.0100%	4h	0.6403	+0.274%	$67K	$529K	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6385	−0.014%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0264%	1h	0.6384	−0.030%	$398	—	3x	as long as short
Hyperliquid PONS	+0.0394%	1h	0.6381	−0.069%	$65.4M	$30.9M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0484%	4h	0.6400	+0.221%	$14.7M	$61.6M	20x	as long as short
Aster PONSUSDT	+0.0509%	4h	0.6387	+0.019%	$1.2M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0572%	4h	0.6389	+0.049%	$1.8M	$4.2M	20x	as long as short
Lighter RH PONS	+0.0592%	1h	0.6385	−0.008%	$435K	$2.7M	3x	as long as short
Variational Omni PONS	+0.0702%	4h	0.6380	−0.085%	$1.6M	$4.5M	—	as long as short
Extended PONS-USD	+0.0752%	1h	0.6393	+0.111%	$107K	$807K	5x	as long as short
Lighter PONSlong	+0.0752%	1h	0.6386	long leg	$1.8M	$880K	3x
MEXC PONS_USDT	+0.0754%	4h	0.6397	+0.174%	$8.1M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0757%	4h	0.6395	+0.136%	$42.4M	$103.4M	20x	as long as short
edgeX PONSUSDC	+0.0759%	4h	0.6383	−0.041%	$19K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0780%	4h	0.6405	+0.304%	$5.2M	$13.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6391	+0.076%	$48K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0992%	4h	0.6398	+0.189%	$1.9M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.1202%	4h	0.6396	+0.158%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.1264%	4h	0.6404	+0.283%	$19.5M	$33.2M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6377	−0.133%	$49K	$159K	3x	as long as short
Gate PONS_USDT	+0.3192%	4h	0.6399	+0.205%	$5.6M	$6.6M	20x	as long as short