Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0433%/8h= −47.4% APRpaid last 24h −0.108%

Price spread now: edgeX against Lighter RH+0.063%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$580.581% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 3 days (all we have)+0.043%+$4 · spread now +0.063%, 7d avg −0.024%

Together, before fees+0.068%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.086% dearer against Lighter RH than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.024%): +$9 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 16 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.025% in total (about 1.3% 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	0.5904	0.0632	pay 0.0079% / 1h	23m 32s	$396K	$2.6M	3x
Short	edgeX PONSUSDC	0.5907	0.0199	get 0.0100% / 4h	2h 23m	$21K	$292K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$90.88
Price spread: +0.063% → −0.024%: $8.63
Slippage, 4 orders: −$49.15
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$140.4
Costs to cover: 0.581%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; edgeX: live order book, 64 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, 4 min ago	5.33 bp	8.1 bp −$8	42.2 bp −$422	doesn't fit	doesn't fit
Sell edgeX live order book, 64 min ago	11.84 bp	20.7 bp −$21	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	0.5892	−0.195%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.268%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5899	−0.081%	$21K	$446K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5900	−0.064%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5896	−0.132%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5896	−0.132%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5900	−0.059%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5901	−0.047%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5909	+0.085%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5907	+0.049%	$34K	$332K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5912	+0.139%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5908	+0.076%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5900	−0.064%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5918	+0.247%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5896	−0.132%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5906	+0.029%	$368	—	3x	as long as short
MEXC PONS_USDT	+0.0180%	4h	0.5899	−0.081%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0181%	4h	0.5898	−0.098%	$38.3M	$98.3M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5899	−0.078%	$105K	$533K	5x	as long as short
BingX PONS-USDT	+0.0184%	4h	0.5894	−0.166%	—	$3.1M	—	as long as short
edgeX PONSUSDCshort	+0.0199%	4h	0.5907	+0.063%	$21K	$292K	10x
Aster PONSUSDT	+0.0199%	4h	0.5900	−0.058%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0352%	1h	0.5899	−0.076%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0423%	4h	0.5909	+0.088%	$1.7M	$967K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5900	−0.057%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0500%	1h	0.5901	−0.054%	$59.0M	$30.0M	3x	as long as short
Gate PONS_USDT	+0.0616%	4h	0.5900	−0.064%	$5.2M	$6.8M	20x	as long as short
Lighter RH PONSlong	+0.0632%	1h	0.5904	long leg	$396K	$2.6M	3x
Lighter PONS	+0.1064%	1h	0.5904	+0.002%	$1.7M	$882K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5904	+0.003%	$28K	$86K	3x	as long as short