Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0940%/8h= −102.9% APRpaid last 24h −0.203%

Price spread now: Variational Omni against Lighter+0.167%7-day average −0.060% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.590%−$59 on $10k

Price spread, last 7 days−0.364%−$36 · spread now +0.167%, 7d avg −0.060%

Together, before fees−0.954%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$95 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.227% dearer against Lighter than usual: you sell high and buy low (spread +0.167% now, against its 7-day average of −0.060%): +$23 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5920	0.1040	pay 0.0130% / 1h	53m 05s	$1.7M	$879K	3x
Short	Variational Omni PONS	0.5929	0.0100	get 0.0050% / 4h	2h 53m	$1.4M	$4.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.167%Rate

Funding earned: −$197.4
Price spread: +0.167% → −0.060%: $22.68
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$174.72
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 3 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

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	3.88 bp	9.2 bp −$9	14.9 bp −$149	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	4.24 bp	doesn't fit	34.7 bp −$347	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	0.5910	−0.170%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	0.000%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5903	−0.280%	$21K	$459K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5910	−0.162%	$17.9M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5912	−0.128%	$13.6M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5915	−0.083%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5915	−0.079%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONSshort	+0.0100%	4h	0.5929	+0.167%	$1.4M	$4.3M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.5922	+0.044%	$34K	$326K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5916	−0.063%	$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	0.5921	+0.029%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5915	−0.078%	$27K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5936	+0.280%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5912	−0.128%	$1.7M	$3.3M	20x	as long as short
Lighter RH PONS	+0.0128%	1h	0.5918	−0.029%	$398K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5907	−0.211%	$368	—	3x	as long as short
Binance PONSUSDT	+0.0173%	4h	0.5914	−0.095%	$38.6M	$98.1M	20x	as long as short
MEXC PONS_USDT	+0.0174%	4h	0.5914	−0.095%	$7.7M	$5.1M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5910	−0.169%	$105K	$529K	5x	as long as short
BingX PONS-USDT	+0.0190%	4h	0.5916	−0.061%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0197%	4h	0.5922	+0.048%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0239%	4h	0.5904	−0.268%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0330%	1h	0.5903	−0.280%	$38K	$1.8M	3x	as long as short
Nado PONS-PERP	+0.0338%	1h	0.5899	−0.343%	$89K	$103K	5x	as long as short
Gate PONS_USDT	+0.0364%	4h	0.5911	−0.145%	$5.2M	$6.7M	20x	as long as short
BloFin PONS-USDT	+0.0413%	4h	0.5919	−0.010%	$1.7M	$984K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5898	−0.371%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0733%	1h	0.5918	−0.027%	$59.3M	$29.5M	3x	as long as short
Lighter PONSlong	+0.1040%	1h	0.5920	long leg	$1.7M	$879K	3x
Phoenix PONS	+0.1275%	1h	0.5921	+0.020%	$27K	$86K	3x	as long as short