PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0624%/8h= +68.3% APRnext payment +$0.78 per $10,000 · paid last 24h −0.020%

Price spread now: Hyperliquid against Lighter RH+0.068%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on Lighter RH Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 7 days−0.004%$0 · spread now +0.068%, 7d avg +0.014%

Together, before fees−0.032%+ Points / potential airdropLighter RH: Points live · Hyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Hyperliquid is 0.054% dearer against Lighter RH than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.014%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.028% in total (about -1.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.78 per $10,000. 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	0.5920	0.0136	pay 0.0017% / 1h	55m 17s	$398K	$2.6M	3x
Short	Hyperliquid PONS	0.5924	0.0760	get 0.0095% / 1h	55m 17s	$59.3M	$29.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.068%Rate

Funding earned: $130.99
Price spread: +0.068% → +0.014%: $5.35
Slippage, 4 orders: −$27.42
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $99.93
Costs to cover: 0.364%
Break-even: 1.7 days

Slippage from Lighter RH: live order book, 3 min ago; Hyperliquid: live order book, 8 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, 3 min ago	3.03 bp	6.3 bp −$6	39.8 bp −$398	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.59 bp	9.1 bp −$9	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	0.5915	−0.095%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	−0.010%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5934	+0.233%	$21K	$459K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5913	−0.122%	$17.9M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5913	−0.122%	$13.5M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5913	−0.125%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5922	+0.024%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5929	+0.157%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5922	+0.034%	$34K	$326K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5924	+0.056%	$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	0.5919	−0.015%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5913	−0.117%	$27K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5934	+0.240%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5912	−0.139%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5919	−0.019%	$369	—	3x	as long as short
Lighter RH PONSlong	+0.0136%	1h	0.5920	long leg	$398K	$2.6M	3x
Binance PONSUSDT	+0.0176%	4h	0.5918	−0.044%	$38.6M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5917	−0.048%	$106K	$529K	5x	as long as short
MEXC PONS_USDT	+0.0182%	4h	0.5917	−0.054%	$7.8M	$5.1M	20x	as long as short
BingX PONS-USDT	+0.0190%	4h	0.5922	+0.030%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0192%	4h	0.5932	+0.200%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0242%	4h	0.5920	−0.001%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0374%	1h	0.5931	+0.186%	$38K	$1.8M	3x	as long as short
Gate PONS_USDT	+0.0378%	4h	0.5916	−0.071%	$5.2M	$6.7M	20x	as long as short
BloFin PONS-USDT	+0.0416%	4h	0.5923	+0.047%	$1.7M	$984K	20x	as long as short
Nado PONS-PERP	+0.0471%	1h	0.5930	+0.166%	$90K	$103K	5x	as long as short
Pacifica PONS	+0.0474%	1h	0.5925	+0.081%	$47K	$102K	3x	as long as short
Hyperliquid PONSshort	+0.0760%	1h	0.5924	+0.068%	$59.3M	$29.7M	3x
Lighter PONS	+0.1016%	1h	0.5921	+0.020%	$1.7M	$879K	3x	as long as short
Phoenix PONS	+0.1232%	1h	0.5931	+0.189%	$27K	$86K	3x	as long as short