Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h +0.146%

Price spread now: Lighter against OKX−0.331%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.672%+$67 on $10k

Price spread, last 7 days+0.426%+$43 · spread now −0.331%, 7d avg +0.046%

Together, before fees+1.098%+ Points / potential airdropLighter: Season 3 · farm board+$110 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.377% cheaper against OKX than usual: you would sell low and buy high (spread −0.331% now, against its 7-day average of +0.046%). If the spread goes back, that is −$38 on $10k: about 15 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.672% in total) that is about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PONS-USDT-SWAP	0.6313	0.0442	pay 0.0221% / 4h	3h 22m	$14.4M	$61.4M	20x
Short	Lighter PONS	0.6292	0.0528	get 0.0066% / 1h	22m 17s	$1.8M	$870K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.331%Rate

Funding earned: $17.98
Price spread: −0.331% → +0.046%: −$37.73
Slippage, 4 orders: −$34.72
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$64.46
Costs to cover: 0.447%
Break-even: 32.1 days

Slippage from OKX: live order book, 1 min ago; Lighter: 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 OKX live order book, 1 min ago	0.80 bp	11.3 bp −$11	29.6 bp −$296	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	5.46 bp	10.4 bp −$10	15.1 bp −$151	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 −0.0030%	1h	0.6270	−0.682%	$245K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−5.932%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6313	0.000%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6310	−0.048%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6217	−1.525%	$31K	$290K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6297	−0.261%	$74K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6321	+0.127%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6314	+0.017%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6310	−0.055%	$27K	$628K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6278	−0.554%	$66K	$528K	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	0.6304	−0.143%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6313	+0.002%	$393	—	3x	as long as short
Hyperliquid PONS	+0.0319%	1h	0.6311	−0.033%	$64.6M	$30.5M	3x	as long as short
Lighter RH PONS	+0.0376%	1h	0.6290	−0.358%	$425K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAPlong	+0.0442%	4h	0.6313	long leg	$14.4M	$61.4M	20x
Aster PONSUSDT	+0.0454%	4h	0.6311	−0.027%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0488%	4h	0.6311	−0.035%	$1.7M	$4.1M	20x	as long as short
Lighter PONSshort	+0.0528%	1h	0.6292	−0.331%	$1.8M	$870K	3x
Variational Omni PONS	+0.0562%	4h	0.6214	−1.564%	$1.6M	$4.5M	—	as long as short
edgeX PONSUSDC	+0.0662%	4h	0.6252	−0.959%	$21K	$291K	10x	as long as short
MEXC PONS_USDT	+0.0664%	4h	0.6313	0.000%	$8.1M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0677%	4h	0.6318	+0.082%	$41.5M	$104.1M	20x	as long as short
Extended PONS-USD	+0.0680%	1h	0.6314	+0.022%	$106K	$819K	5x	as long as short
Bitget PONSUSDT	+0.0732%	4h	0.6316	+0.046%	$5.1M	$13.3M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6297	−0.257%	$47K	$78K	3x	as long as short
BloFin PONS-USDT	+0.0905%	4h	0.6280	−0.523%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.0944%	4h	0.6312	−0.016%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1073%	4h	0.6317	+0.063%	$19.1M	$33.4M	20x	as long as short
Gate PONS_USDT	+0.1620%	4h	0.6294	−0.301%	$5.5M	$6.4M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6229	−1.339%	$47K	$159K	3x	as long as short