Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0699%/8h= +76.6% APRpaid last 24h +0.134%

Price spread now: Hyperliquid against OKX+0.061%7-day average +0.040% · you sell dearer than you buy

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

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.168%+$17 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.061%, 7d avg +0.040%

Together, before fees+0.134%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Hyperliquid is 0.021% dearer against OKX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.040%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.168% in total (about 8.8% 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	OKX PONS-USDT-SWAP	0.6082	0.0178	pay 0.0089% / 4h	3h 21m	$13.9M	$56.5M	20x
Short	Hyperliquid PONS	0.6086	0.0877	get 0.0110% / 1h	21m 23s	$61.9M	$29.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.061%Rate

Funding earned: $146.88
Price spread: +0.061% → +0.040%: $2.09
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $129.97
Costs to cover: 0.190%
Break-even: 0.8 days

Slippage unknown: OKX: live order book, 2 min ago; Hyperliquid: live order book, 12 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 OKX live order book, 2 min ago	0.82 bp	11.8 bp −$12	22.7 bp −$227	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.08 bp	10.4 bp −$10	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 +0.0033% / S −0.0033%	1h	0.6078	−0.069%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.850%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6090	+0.127%	$430K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6084	+0.033%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6082	0.000%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6093	+0.189%	$33K	$358K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6090	+0.125%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6086	+0.064%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6087	+0.074%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6118	+0.587%	$65K	$510K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6087	+0.082%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6087	+0.081%	$379	—	3x	as long as short
OKX PONS-USDT-SWAPlong	+0.0178%	4h	0.6082	long leg	$13.9M	$56.5M	20x
KuCoin PONSUSDTM	+0.0182%	4h	0.6085	+0.054%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0252%	4h	0.6089	+0.107%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0270%	4h	0.6086	+0.060%	$1.1M	$2.1M	20x	as long as short
Binance PONSUSDT	+0.0359%	4h	0.6085	+0.052%	$39.9M	$96.4M	20x	as long as short
Extended PONS-USD	+0.0360%	1h	0.6083	+0.011%	$252K	$678K	5x	as long as short
MEXC PONS_USDT	+0.0360%	4h	0.6085	+0.049%	$7.9M	$4.8M	20x	as long as short
edgeX PONSUSDC	+0.0383%	4h	0.6091	+0.143%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0392%	1h	0.6088	+0.099%	$1.7M	$933K	3x	as long as short
Bybit PONSUSDT	+0.0597%	4h	0.6081	−0.016%	$18.3M	$30.9M	20x	as long as short
BloFin PONS-USDT	+0.0605%	4h	0.6096	+0.230%	$1.8M	$999K	20x	as long as short
BingX PONS-USDT	+0.0612%	4h	0.6086	+0.066%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0613%	1h	0.6087	+0.082%	$105K	$115K	5x	as long as short
Pacifica PONS	+0.0665%	1h	0.6086	+0.062%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0770%	1h	0.6085	+0.054%	$44K	$1.6M	3x	as long as short
Gate PONS_USDT	+0.0840%	4h	0.6083	+0.016%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONSshort	+0.0877%	1h	0.6086	+0.061%	$61.9M	$29.1M	3x
Phoenix PONS	+0.1608%	1h	0.6095	+0.207%	$32K	$113K	3x	as long as short