Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0103%/8h= −11.2% APRpaid last 24h −0.031%

Price spread now: Popdex against OKX+0.098%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$148as in the Price arb table

costs, in and out, $10k−$1541.543% of the position

Long on OKX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.232%−$23 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.098%, 7d avg +0.038%

Together, before fees−0.312%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.060% dearer against OKX than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of +0.038%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 47 hours. At the pace of the last 3 days (−0.232% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PONS-USDT-SWAP	0.6128	0.0199	pay 0.0099% / 4h	3h 12m	$14.0M	$56.7M	20x
Short	Popdex PONSUSDT	0.6134	0.0096	get 0.0012% / 1h	12m 05s	$20K	$415K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$21.55
Price spread: +0.098% → +0.038%: $6.02
Slippage, 4 orders: −$137.86
Fee OKX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$169.79
Costs to cover: 1.543%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Popdex: live order book, 62 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, 2 min ago	1.63 bp	11.0 bp −$11	21.5 bp −$215	doesn't fit	doesn't fit
Sell Popdex live order book, 62 min ago	3.69 bp	70.4 bp −$70	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	0.6117	−0.185%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.586%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6134	+0.098%	$20K	$415K	20x
Variational Omni PONS	+0.0100%	4h	0.6089	−0.644%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6098	−0.483%	$33K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6137	+0.139%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6129	+0.023%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6128	+0.007%	$27K	$543K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6135	+0.119%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6128	0.000%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.6129	+0.018%	$434K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6129	+0.024%	$382	—	3x	as long as short
OKX PONS-USDT-SWAPlong	+0.0199%	4h	0.6128	long leg	$14.0M	$56.7M	20x
KuCoin PONSUSDTM	+0.0204%	4h	0.6126	−0.036%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0274%	4h	0.6129	+0.023%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0326%	4h	0.6135	+0.107%	$1.1M	$2.1M	20x	as long as short
MEXC PONS_USDT	+0.0376%	4h	0.6129	+0.016%	$8.0M	$4.9M	20x	as long as short
edgeX PONSUSDC	+0.0381%	4h	0.6107	−0.350%	$21K	$294K	10x	as long as short
Binance PONSUSDT	+0.0391%	4h	0.6129	+0.010%	$40.3M	$96.2M	20x	as long as short
Extended PONS-USD	+0.0392%	1h	0.6128	+0.008%	$253K	$678K	5x	as long as short
Lighter PONS	+0.0496%	1h	0.6129	+0.023%	$1.7M	$941K	3x	as long as short
Bybit PONSUSDT	+0.0560%	4h	0.6127	−0.016%	$18.4M	$30.8M	20x	as long as short
BingX PONS-USDT	+0.0592%	4h	0.6128	0.000%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0606%	1h	0.6133	+0.082%	$106K	$115K	5x	as long as short
BloFin PONS-USDT	+0.0617%	4h	0.6132	+0.065%	$1.8M	$997K	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6130	+0.038%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0792%	1h	0.6131	+0.052%	$45K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0869%	1h	0.6127	−0.021%	$62.3M	$29.1M	3x	as long as short
Gate PONS_USDT	+0.1022%	4h	0.6120	−0.131%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6094	−0.560%	$32K	$113K	3x	as long as short