Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0406%/8h= +44.5% APRpaid last 24h −0.021%

Price spread now: BingX against Lighter RH+0.307%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on Lighter RH Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.206%+$21 on $10k

Price spread, last 4 days (all we have)−0.477%−$48 · spread now +0.307%, 7d avg −0.003%

Together, before fees−0.271%+ Points / potential airdropLighter RH: Points live · farm board−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and BingX is 0.310% dearer against Lighter RH than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of −0.003%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.206% in total (about 10.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH PONS	0.5898	0.0096	pay 0.0012% / 1h	47m 36s	$402K	$2.4M	3x
Short	BingX PONS-USDT	0.5916	0.0502	get 0.0251% / 4h	47m 36s	—	$3.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter RH. 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 Lighter RHbpFee BingXbpOrdersPrice spread, now +0.307%Rate

Funding earned: $85.34
Price spread: +0.307% → −0.003%: $31.02
Slippage, 4 orders: −$31.86
Fee Lighter RH: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: $74.5
Costs to cover: 0.419%
Break-even: 0.9 days

Slippage from Lighter RH: live order book, 5 min ago; BingX: 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 RH live order book, 5 min ago	4.82 bp	10.1 bp −$10	35.0 bp −$350	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	2.54 bp	11.7 bp −$12	31.8 bp −$318	102.1 bp −$10.2K	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 −0.0032%	1h	0.5900	+0.032%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.214%	$614	$10K	5.5x	as long as short
Lighter PONS	+0.0096%	1h	0.5898	0.000%	$1.6M	$880K	3x	as long as short
Lighter RH PONSlong	+0.0096%	1h	0.5898	long leg	$402K	$2.4M	3x
Popdex PONSUSDT	+0.0096%	1h	0.5913	+0.256%	$21K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5898	+0.002%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5906	+0.139%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5910	+0.200%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5908	+0.173%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5902	+0.070%	$25K	$524K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5898	+0.002%	$64K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5903	+0.086%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0175%	4h	0.5914	+0.281%	$1.4M	$3.9M	—	as long as short
Nado PONS-PERP	+0.0199%	1h	0.5907	+0.161%	$69K	$129K	5x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5904	+0.095%	$368	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0330%	4h	0.5910	+0.205%	$13.4M	$54.0M	20x	as long as short
Aster PONSUSDT	+0.0380%	4h	0.5897	−0.013%	$1.1M	$2.1M	20x	as long as short
Bybit PONSUSDT	+0.0438%	4h	0.5910	+0.205%	$17.6M	$30.7M	20x	as long as short
Bitget PONSUSDT	+0.0442%	4h	0.5913	+0.259%	$4.6M	$11.4M	20x	as long as short
BingX PONS-USDTshort	+0.0502%	4h	0.5916	+0.307%	—	$3.0M	—
Extended PONS-USD	+0.0520%	1h	0.5906	+0.134%	$105K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0522%	4h	0.5903	+0.086%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0523%	4h	0.5912	+0.239%	$38.9M	$94.8M	20x	as long as short
edgeX PONSUSDC	+0.0526%	4h	0.5904	+0.100%	$18K	$293K	10x	as long as short
KuCoin PONSUSDTM	+0.0552%	4h	0.5905	+0.117%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONS	+0.0730%	1h	0.5898	−0.004%	$60.0M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0765%	4h	0.5905	+0.120%	$1.7M	$949K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5901	+0.058%	$46K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0887%	1h	0.5909	+0.188%	$65K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5918	+0.339%	$31K	$104K	3x	as long as short