Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0297%/8h= −32.6% APRpaid last 24h −0.229%

Price spread now: OKX against Lighter−0.104%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.641%−$64 on $10k

Price spread, last 7 days+0.057%+$6 · spread now −0.104%, 7d avg −0.045%

Together, before fees−0.584%+ Points / potential airdropLighter: Season 3 · farm board−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and OKX is 0.059% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6129	0.0496	pay 0.0062% / 1h	12m 15s	$1.7M	$941K	3x
Short	OKX PONS-USDT-SWAP	0.6123	0.0199	get 0.0099% / 4h	3h 12m	$14.0M	$56.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$62.45
Price spread: −0.104% → −0.045%: −$5.9
Slippage, 4 orders: −$27.3
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$105.65
Costs to cover: 0.373%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; OKX: live order book, 2 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, 4 min ago	4.43 bp	5.5 bp −$6	30.4 bp −$304	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.63 bp	8.1 bp −$8	27.1 bp −$271	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	0.6117	−0.208%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.609%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6134	+0.075%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6089	−0.666%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6098	−0.506%	$33K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6137	+0.116%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6129	0.000%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6128	−0.016%	$27K	$543K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6135	+0.096%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6128	−0.023%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.6129	−0.005%	$434K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6129	+0.002%	$382	—	3x	as long as short
OKX PONS-USDT-SWAPshort	+0.0199%	4h	0.6123	−0.104%	$14.0M	$56.6M	20x
KuCoin PONSUSDTM	+0.0204%	4h	0.6130	+0.013%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0274%	4h	0.6130	+0.013%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0326%	4h	0.6135	+0.096%	$1.1M	$2.1M	20x	as long as short
MEXC PONS_USDT	+0.0376%	4h	0.6132	+0.042%	$8.0M	$4.9M	20x	as long as short
edgeX PONSUSDC	+0.0381%	4h	0.6107	−0.373%	$21K	$294K	10x	as long as short
Binance PONSUSDT	+0.0391%	4h	0.6128	−0.023%	$40.3M	$96.2M	20x	as long as short
Extended PONS-USD	+0.0392%	1h	0.6128	−0.015%	$253K	$678K	5x	as long as short
Lighter PONSlong	+0.0496%	1h	0.6129	long leg	$1.7M	$941K	3x
Bybit PONSUSDT	+0.0560%	4h	0.6125	−0.072%	$18.4M	$30.8M	20x	as long as short
BingX PONS-USDT	+0.0573%	4h	0.6131	+0.026%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0606%	1h	0.6133	+0.059%	$106K	$115K	5x	as long as short
BloFin PONS-USDT	+0.0617%	4h	0.6132	+0.042%	$1.8M	$997K	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6130	+0.015%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0792%	1h	0.6131	+0.029%	$45K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0870%	1h	0.6131	+0.029%	$62.4M	$29.1M	3x	as long as short
Gate PONS_USDT	+0.1022%	4h	0.6121	−0.137%	$5.4M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6094	−0.582%	$32K	$113K	3x	as long as short