Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0294%/8h= +32.2% APRpaid last 24h −0.115%

Price spread now: OKX against Lighter RH−0.022%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Lighter RH Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 7 days−0.135%−$14 · spread now −0.022%, 7d avg −0.030%

Together, before fees−0.305%+ Points / potential airdropLighter RH: Points live · farm board−$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.170%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.170% in total (about -8.9% 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	0.5925	0.0096	pay 0.0012% / 1h	54m 39s	$417K	$2.5M	3x
Short	OKX PONS-USDT-SWAP	0.5924	0.0390	get 0.0195% / 4h	2h 54m	$13.4M	$54.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $61.76
Price spread: −0.022% → −0.030%: $0.79
Slippage, 4 orders: −$32.92
Fee Lighter RH: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: $19.63
Costs to cover: 0.429%
Break-even: 4.8 days

Slippage from Lighter RH: live order book, 3 min ago; OKX: live order book, 4 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	4.06 bp	6.3 bp −$6	26.0 bp −$260	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.85 bp	13.7 bp −$14	23.1 bp −$231	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 +0.0033% / S −0.0032%	1h	0.5920	−0.098%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.746%	$614	$10K	5.5x	as long as short
Lighter RH PONSlong	+0.0096%	1h	0.5925	long leg	$417K	$2.5M	3x
Popdex PONSUSDT	+0.0096%	1h	0.5927	+0.029%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5929	+0.062%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5924	−0.022%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5942	+0.290%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5938	+0.221%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5932	+0.108%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5933	+0.123%	$26K	$545K	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	0.5940	+0.250%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5932	+0.113%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.5934	+0.147%	$370	—	3x	as long as short
Hyperliquid PONS	+0.0344%	1h	0.5927	+0.032%	$60.1M	$28.9M	3x	as long as short
OKX PONS-USDT-SWAPshort	+0.0390%	4h	0.5924	−0.022%	$13.4M	$54.7M	20x
Lighter PONS	+0.0424%	1h	0.5928	+0.044%	$1.6M	$886K	3x	as long as short
Aster PONSUSDT	+0.0512%	4h	0.5931	+0.099%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0518%	4h	0.5941	+0.273%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0550%	4h	0.5931	+0.093%	$4.7M	$11.8M	20x	as long as short
edgeX PONSUSDC	+0.0614%	4h	0.5937	+0.193%	$18K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0622%	4h	0.5928	+0.046%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0624%	4h	0.5929	+0.062%	$38.8M	$94.8M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.5930	+0.079%	$106K	$807K	5x	as long as short
Pacifica PONS	+0.0715%	1h	0.5927	+0.029%	$46K	$68K	3x	as long as short
BingX PONS-USDT	+0.0738%	4h	0.5929	+0.062%	—	$3.0M	—	as long as short
KuCoin PONSUSDTM	+0.0742%	4h	0.5925	−0.002%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0793%	1h	0.5929	+0.062%	$88K	$1.7M	3x	as long as short
Bybit PONSUSDT	+0.0828%	4h	0.5925	−0.005%	$17.8M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0864%	4h	0.5937	+0.197%	$1.7M	$945K	20x	as long as short
Phoenix PONS	+0.1586%	1h	0.5915	−0.172%	$45K	$121K	3x	as long as short