Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h +0.259%

Price spread now: Lighter against Orderly−0.049%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 Lighter

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 airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Lighter is 0.049% cheaper against Orderly than usual: you would sell low and buy high (spread −0.049% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 12 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.6099	0.0100	pay 0.0050% / 4h	3h 15m	$2K	$3K	10x
Short	Lighter PONS	0.6096	0.0416	get 0.0052% / 1h	15m 27s	$1.7M	$933K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.049%Rate

Funding earned: $66.36
Price spread: −0.049% → 0.000%: −$4.92
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $55.44
Costs to cover: 0.060%
Break-even: 1.2 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 1 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 Lighter live order book, 1 min ago	4.43 bp	12.7 bp −$13	33.0 bp −$330	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 −0.0033%	1h	0.6082	−0.272%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.117%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6095	−0.059%	$429K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6105	+0.105%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6089	−0.165%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6088	−0.175%	$33K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.6099	long leg	$2K	$3K	10x
SunX PONS-USDT	+0.0100%	4h	0.6102	+0.061%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6093	−0.084%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6094	−0.074%	$65K	$510K	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	0.6093	−0.092%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6095	−0.059%	$380	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0186%	4h	0.6102	+0.056%	$13.9M	$56.5M	20x	as long as short
KuCoin PONSUSDTM	+0.0200%	4h	0.6100	+0.020%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0266%	4h	0.6107	+0.134%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0293%	4h	0.6096	−0.038%	$1.1M	$2.1M	20x	as long as short
edgeX PONSUSDC	+0.0363%	4h	0.6098	−0.015%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0364%	4h	0.6105	+0.105%	$7.9M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0368%	1h	0.6098	−0.008%	$252K	$678K	5x	as long as short
Binance PONSUSDT	+0.0374%	4h	0.6104	+0.093%	$40.1M	$96.3M	20x	as long as short
Lighter PONSshort	+0.0416%	1h	0.6096	−0.049%	$1.7M	$933K	3x
BingX PONS-USDT	+0.0560%	4h	0.6103	+0.072%	—	$3.1M	—	as long as short
BloFin PONS-USDT	+0.0604%	4h	0.6096	−0.043%	$1.8M	$990K	20x	as long as short
Bybit PONSUSDT	+0.0607%	4h	0.6104	+0.089%	$18.3M	$30.9M	20x	as long as short
Nado PONS-PERP	+0.0607%	1h	0.6101	+0.033%	$105K	$115K	5x	as long as short
Pacifica PONS	+0.0665%	1h	0.6099	+0.009%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0772%	1h	0.6106	+0.116%	$45K	$1.6M	3x	as long as short
Gate PONS_USDT	+0.0830%	4h	0.6093	−0.092%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONS	+0.0869%	1h	0.6106	+0.116%	$62.1M	$29.1M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6094	−0.080%	$32K	$113K	3x	as long as short