Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1036%/8h= −113.4% APRpaid last 24h −0.290%

Price spread now: SunX against Lighter−0.086%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$355as in the Funding arb table

Net, price: spread back to 7d avg − costs−$273as in the Price arb table

costs, in and out, $10k−$2662.657% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.897%−$90 on $10k

Price spread, last 3 days (all we have)+0.582%+$58 · spread now −0.086%, 7d avg −0.016%

Together, before fees−0.316%+ Points / potential airdropLighter: Season 3 · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and SunX is 0.070% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.016%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5912	0.1136	pay 0.0142% / 1h	31m 12s	$1.7M	$882K	3x
Short	SunX PONS-USDT	0.5907	0.0100	get 0.0050% / 4h	2h 31m	—	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$217.56
Price spread: −0.086% → −0.016%: −$6.98
Slippage, 4 orders: −$257.71
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$490.25
Costs to cover: 2.657%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; SunX: 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, 5 min ago	3.75 bp	10.1 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	106.54 bp	126.6 bp −$127	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	0.5900	−0.198%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.129%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5904	−0.135%	$21K	$447K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5896	−0.271%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5902	−0.169%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5903	−0.151%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5907	−0.088%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5865	−0.790%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5896	−0.266%	$34K	$332K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5914	+0.039%	$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-USDTshort	+0.0100%	4h	0.5907	−0.086%	—	$1.4M	10x
SoDEX PONS-USD	+0.0100%	1h	0.5907	−0.079%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5914	+0.027%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5898	−0.237%	$1.7M	$3.3M	20x	as long as short
Nado PONS-PERP	+0.0126%	1h	0.5906	−0.101%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5906	−0.095%	$368	—	3x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5907	−0.077%	$105K	$533K	5x	as long as short
Binance PONSUSDT	+0.0176%	4h	0.5907	−0.085%	$38.4M	$98.4M	20x	as long as short
MEXC PONS_USDT	+0.0178%	4h	0.5908	−0.068%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5906	−0.101%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0186%	4h	0.5899	−0.219%	$21K	$294K	10x	as long as short
Aster PONSUSDT	+0.0213%	4h	0.5904	−0.130%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0331%	1h	0.5907	−0.079%	$38K	$1.8M	3x	as long as short
Gate PONS_USDT	+0.0342%	4h	0.5903	−0.152%	$5.2M	$6.8M	20x	as long as short
BloFin PONS-USDT	+0.0416%	4h	0.5905	−0.118%	$1.7M	$969K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5904	−0.129%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0537%	1h	0.5906	−0.095%	$59.0M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0608%	1h	0.5910	−0.030%	$395K	$2.6M	3x	as long as short
Lighter PONSlong	+0.1136%	1h	0.5912	long leg	$1.7M	$882K	3x
Phoenix PONS	+0.1275%	1h	0.5899	−0.220%	$27K	$86K	3x	as long as short