Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0281%/8h= −30.8% APRpaid last 24h −0.032%

Price spread now: SoDEX against OKX+0.216%7-day average +0.028% · 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−$114as in the Price arb table

costs, in and out, $10k−$1321.324% of the position

Long on OKX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.213%−$21 on $10k

Price spread, last 4 days (all we have)−0.142%−$14 · spread now +0.216%, 7d avg +0.028%

Together, before fees−0.355%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.188% dearer against OKX than usual: you sell high and buy low (spread +0.216% now, against its 7-day average of +0.028%): +$19 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PONS-USDT-SWAP	0.6216	0.0381	pay 0.0191% / 4h	3h 53m	$14.1M	$60.9M	20x
Short	SoDEX PONS-USD	0.6229	0.0100	get 0.0013% / 1h	53m 35s	$26K	$612K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.216%Rate

Funding earned: −$59.02
Price spread: +0.216% → +0.028%: $18.76
Slippage, 4 orders: −$114.43
Fee OKX: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$172.69
Costs to cover: 1.324%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; SoDEX: live order book, 45 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, 5 min ago	0.80 bp	16.1 bp −$16	35.0 bp −$350	doesn't fit	doesn't fit
Sell SoDEX live order book, 45 min ago	1.60 bp	61.4 bp −$61	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
Phemex PONSUSDT	−0.0421%	4h	0.6222	+0.097%	$1.7M	$3.2M	20x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0030%	1h	0.6214	−0.028%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.464%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6241	+0.402%	$23K	$438K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6235	+0.309%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6202	−0.227%	$31K	$299K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6228	+0.185%	$73K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6240	+0.383%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6231	+0.238%	—	$1.2M	10x	as long as short
SoDEX PONS-USDshort	+0.0100%	1h	0.6229	+0.216%	$26K	$612K	3x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.6252	+0.576%	$67K	$534K	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6232	+0.265%	$388	—	3x	as long as short
Hyperliquid PONS	+0.0250%	1h	0.6220	+0.061%	$63.6M	$30.6M	3x	as long as short
OKX PONS-USDT-SWAPlong	+0.0381%	4h	0.6216	long leg	$14.1M	$60.9M	20x
Lighter RH PONS	+0.0400%	1h	0.6221	+0.084%	$420K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0449%	4h	0.6221	+0.087%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0482%	4h	0.6222	+0.098%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0516%	4h	0.6215	−0.008%	$1.6M	$4.3M	—	as long as short
Extended PONS-USD	+0.0608%	1h	0.6221	+0.085%	$105K	$825K	5x	as long as short
MEXC PONS_USDT	+0.0610%	4h	0.6223	+0.113%	$7.9M	$4.6M	20x	as long as short
edgeX PONSUSDC	+0.0613%	4h	0.6237	+0.339%	$21K	$290K	10x	as long as short
Binance PONSUSDT	+0.0622%	4h	0.6223	+0.113%	$40.7M	$104.3M	20x	as long as short
Bitget PONSUSDT	+0.0688%	4h	0.6222	+0.100%	$5.0M	$13.1M	20x	as long as short
BloFin PONS-USDT	+0.0852%	4h	0.6228	+0.193%	$1.8M	$1.1M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6217	+0.018%	$47K	$77K	3x	as long as short
Lighter PONS	+0.1264%	1h	0.6224	+0.125%	$1.7M	$843K	3x	as long as short
Bybit PONSUSDT	+0.1295%	4h	0.6216	0.000%	$18.6M	$32.9M	20x	as long as short
Phoenix PONS	+0.1405%	1h	0.6261	+0.726%	$48K	$159K	3x	as long as short
Gate PONS_USDT	+0.1972%	4h	0.6215	−0.016%	$5.4M	$6.3M	20x	as long as short
BingX PONS-USDT	+0.2020%	4h	0.6221	+0.080%	—	$3.3M	—	as long as short