Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.048%

Price spread now: Injective against OKX+0.938%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.938% dearer against OKX than usual: you sell high and buy low (spread +0.938% now, against zero (this spread has no 7-day history yet)): +$94 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 8.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PONS-USDT-SWAP	0.5914	0.0413	pay 0.0207% / 4h	1h 38m	$13.3M	$55.9M	20x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	38m 53s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.938%Rate

Funding earned: −$79.82
Price spread: +0.938% → 0.000%: $93.85
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $4
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 5 min ago; Injective: no order-book sample. 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, 5 min ago	0.84 bp	12.4 bp −$12	34.2 bp −$342	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.5905	−0.144%	$235K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	+0.938%	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5915	+0.017%	$410K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5916	+0.034%	$22K	$421K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5920	+0.103%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5915	+0.017%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5921	+0.122%	$29K	$317K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5918	+0.063%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5914	+0.005%	$25K	$586K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5917	+0.051%	$64K	$524K	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	0.5916	+0.034%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5907	−0.116%	$368	—	3x	as long as short
Hyperliquid PONS	+0.0240%	1h	0.5918	+0.068%	$60.1M	$29.5M	3x	as long as short
Gate PONS_USDT	+0.0346%	4h	0.5916	+0.034%	$5.3M	$6.3M	20x	as long as short
OKX PONS-USDT-SWAPlong	+0.0413%	4h	0.5914	long leg	$13.3M	$55.9M	20x
Polymarket Perps PONS-USD	+0.0455%	1h	0.5915	+0.019%	$94K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0462%	4h	0.5915	+0.010%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0536%	1h	0.5916	+0.036%	$101K	$811K	5x	as long as short
Binance PONSUSDT	+0.0536%	4h	0.5919	+0.085%	$37.2M	$98.5M	20x	as long as short
MEXC PONS_USDT	+0.0540%	4h	0.5918	+0.068%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0545%	4h	0.5921	+0.113%	$20K	$291K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5912	−0.029%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0609%	4h	0.5918	+0.075%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0636%	4h	0.5918	+0.076%	$1.6M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0666%	4h	0.5920	+0.110%	$4.7M	$12.2M	20x	as long as short
Lighter PONS	+0.0712%	1h	0.5916	+0.034%	$1.6M	$828K	3x	as long as short
BingX PONS-USDT	+0.0756%	4h	0.5916	+0.034%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0763%	4h	0.5916	+0.034%	$17.6M	$31.4M	20x	as long as short
BloFin PONS-USDT	+0.0776%	4h	0.5924	+0.169%	$1.7M	$955K	20x	as long as short
Phoenix PONS	+0.1472%	1h	0.5925	+0.186%	$45K	$127K	3x	as long as short