Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0916%/8h= −100.3% APRpaid last 24h −0.197%

Price spread now: KuCoin against Lighter−0.085%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$780.779% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.645%−$65 on $10k

Price spread, last 7 days−0.079%−$8 · spread now −0.085%, 7d avg −0.034%

Together, before fees−0.724%+ Points / potential airdropLighter: Season 3 · farm board−$72 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and KuCoin is 0.050% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5907	0.1016	pay 0.0127% / 1h	20m 59s	$1.7M	$885K	3x
Short	KuCoin PONSUSDTM	0.5902	0.0100	get 0.0050% / 4h	2h 20m	$1.7M	$3.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$192.36
Price spread: −0.085% → −0.034%: −$5.04
Slippage, 4 orders: −$65.9
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$275.3
Costs to cover: 0.779%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; KuCoin: live order book, 6 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, 5 min ago	4.82 bp	6.6 bp −$7	14.7 bp −$147	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	6.69 bp	33.3 bp −$33	126.1 bp −$1,261	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 −0.0034%	1h	0.5894	−0.214%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.213%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5905	−0.034%	$21K	$446K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5904	−0.051%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5899	−0.135%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5902	−0.085%	$13.4M	$56.2M	20x	as long as short
KuCoin PONSUSDTMshort	+0.0100%	4h	0.5902	−0.085%	$1.7M	$3.7M	20x
Bitget PONSUSDT	+0.0100%	4h	0.5902	−0.081%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5909	+0.030%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5895	−0.198%	$34K	$333K	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	0.5909	+0.030%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5910	+0.047%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5901	−0.100%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5911	+0.066%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5896	−0.186%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5902	−0.085%	$368	—	3x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5902	−0.080%	$106K	$533K	5x	as long as short
Binance PONSUSDT	+0.0178%	4h	0.5904	−0.057%	$38.4M	$98.4M	20x	as long as short
MEXC PONS_USDT	+0.0178%	4h	0.5903	−0.068%	$7.5M	$5.2M	20x	as long as short
edgeX PONSUSDC	+0.0182%	4h	0.5896	−0.185%	$21K	$293K	10x	as long as short
BingX PONS-USDT	+0.0184%	4h	0.5901	−0.102%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0194%	4h	0.5904	−0.053%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0352%	1h	0.5906	−0.024%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0418%	4h	0.5909	+0.034%	$1.7M	$967K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5910	+0.049%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0492%	1h	0.5905	−0.029%	$59.1M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0616%	1h	0.5904	−0.051%	$414K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0666%	4h	0.5899	−0.135%	$5.2M	$6.8M	20x	as long as short
Lighter PONSlong	+0.1016%	1h	0.5907	long leg	$1.7M	$885K	3x
Phoenix PONS	+0.1275%	1h	0.5904	−0.051%	$30K	$86K	3x	as long as short