Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0500%/8h= +54.7% APRpaid last 24h +0.096%

Price spread now: Extended against Orderly−0.468%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.468% cheaper against Orderly than usual: you would sell low and buy high (spread −0.468% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$47 on $10k: about 3.1 days of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.5906	0.0100	pay 0.0050% / 4h	2h 39m	$2K	$3K	10x
Short	Extended PONS-USD	0.5878	0.0600	get 0.0075% / 1h	39m 40s	$105K	$807K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. 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 OrderlybpFee ExtendedbpOrdersPrice spread, now −0.468%Rate

Funding earned: $105
Price spread: −0.468% → 0.000%: −$46.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $47.2
Costs to cover: 0.110%
Break-even: 3.9 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 8 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 Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 8 min ago	12.04 bp	26.4 bp −$26	146.6 bp −$1,466	doesn't fit	doesn't fit

Orderly: 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	0.5893	−0.216%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.080%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5890	−0.268%	$416K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5896	−0.164%	$21K	$418K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5898	−0.122%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5914	+0.134%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.5906	long leg	$2K	$3K	10x
SunX PONS-USDT	+0.0100%	4h	0.5900	−0.093%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5903	−0.047%	$25K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5931	+0.428%	$64K	$512K	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	0.5902	−0.063%	$1.6M	$3.2M	20x	as long as short
Gate PONS_USDT	+0.0134%	4h	0.5900	−0.097%	$5.2M	$6.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5897	−0.156%	$367	—	3x	as long as short
Hyperliquid PONS	+0.0249%	1h	0.5891	−0.240%	$59.7M	$28.9M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0359%	4h	0.5875	−0.520%	$13.4M	$54.3M	20x	as long as short
Aster PONSUSDT	+0.0473%	4h	0.5889	−0.275%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0551%	4h	0.5915	+0.159%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0558%	4h	0.5876	−0.506%	$4.6M	$11.8M	20x	as long as short
Binance PONSUSDT	+0.0595%	4h	0.5893	−0.215%	$38.5M	$94.7M	20x	as long as short
Extended PONS-USDshort	+0.0600%	1h	0.5878	−0.468%	$105K	$807K	5x
MEXC PONS_USDT	+0.0602%	4h	0.5881	−0.418%	$7.4M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.5923	+0.297%	$20K	$294K	10x	as long as short
Lighter PONS	+0.0632%	1h	0.5893	−0.212%	$1.6M	$886K	3x	as long as short
Pacifica PONS	+0.0715%	1h	0.5890	−0.271%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0736%	4h	0.5877	−0.488%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0780%	1h	0.5895	−0.181%	$87K	$1.7M	3x	as long as short
Bybit PONSUSDT	+0.0805%	4h	0.5881	−0.418%	$17.6M	$31.0M	20x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.5879	−0.452%	—	$3.0M	—	as long as short
BloFin PONS-USDT	+0.0848%	4h	0.5919	+0.225%	$1.7M	$943K	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5922	+0.269%	$45K	$121K	3x	as long as short