Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0652%/8h= −71.4% APRpaid last 24h −0.288%

Price spread now: Phemex against Lighter−0.101%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$920.922% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.892%−$89 on $10k

Price spread, last 3 days (all we have)+0.355%+$35 · spread now −0.101%, 7d avg −0.054%

Together, before fees−0.538%+ Points / potential airdropLighter: Season 3 · farm board−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Phemex is 0.046% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5949	0.0752	pay 0.0094% / 1h	35m 48s	$1.7M	$992K	3x
Short	Phemex PONSUSDT	0.5943	0.0100	get 0.0050% / 4h	1h 35m	$1.6M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$136.92
Price spread: −0.101% → −0.054%: −$4.65
Slippage, 4 orders: −$80.18
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$233.75
Costs to cover: 0.922%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Phemex: 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	6.19 bp	6.3 bp −$6	11.6 bp −$116	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.85 bp	33.3 bp −$33	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 +0.0032% / S −0.0034%	1h	0.5948	−0.015%	$218K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.345%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5953	+0.067%	$17K	$438K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5942	−0.118%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5944	−0.084%	$13.4M	$55.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5949	0.000%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5946	−0.047%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5973	+0.409%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5986	+0.617%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5958	+0.158%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5958	+0.155%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5951	+0.030%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5973	+0.402%	$64K	$506K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.5943	−0.101%	$1.6M	$3.3M	20x
Aevo PONS-PERP	+0.0128%	1h	0.5949	−0.008%	$371	—	3x	as long as short
Aster PONSUSDT	+0.0137%	4h	0.5946	−0.053%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0174%	4h	0.5944	−0.084%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0174%	4h	0.5945	−0.061%	$38.7M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5945	−0.063%	$247K	$667K	5x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5942	−0.118%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0199%	4h	0.5981	+0.538%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0216%	1h	0.5953	+0.067%	$90K	$103K	5x	as long as short
Lighter RH PONS	+0.0384%	1h	0.5946	−0.045%	$418K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0421%	4h	0.5965	+0.269%	$1.7M	$981K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5945	−0.069%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0485%	1h	0.5953	+0.062%	$37K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0617%	1h	0.5949	−0.005%	$60.0M	$30.0M	3x	as long as short
Lighter PONSlong	+0.0752%	1h	0.5949	long leg	$1.7M	$992K	3x
Gate PONS_USDT	+0.1356%	4h	0.5943	−0.101%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5976	+0.449%	$30K	$96K	3x	as long as short