Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0540%/8h= +59.1% APRpaid last 24h +0.211%

Price spread now: Lighter RH against Orderly−0.027%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 RH

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 RH: Points live · farm boardneeds both histories

Funding pays, the price is against you. Lighter RH is 0.027% cheaper against Orderly than usual: you would sell low and buy high (spread −0.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.5912	0.0100	pay 0.0050% / 4h	2h 27m	$2K	$3K	10x
Short	Lighter RH PONS	0.5910	0.0640	get 0.0080% / 1h	27m 19s	$395K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.027%Rate

Funding earned: $113.4
Price spread: −0.027% → 0.000%: −$2.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $104.69
Costs to cover: 0.060%
Break-even: 0.5 days

Slippage unknown: Orderly: no order-book sample; Lighter RH: 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 RH live order book, 1 min ago	5.33 bp	8.6 bp −$9	35.4 bp −$354	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 +0.0032% / S −0.0034%	1h	0.5899	−0.224%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.127%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5905	−0.120%	$21K	$447K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5904	−0.131%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5905	−0.120%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5905	−0.120%	$13.4M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5906	−0.098%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5907	−0.091%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5903	−0.150%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5903	−0.157%	$34K	$332K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.5912	long leg	$2K	$3K	10x
SunX PONS-USDT	+0.0100%	4h	0.5907	−0.079%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5906	−0.105%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5919	+0.115%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5901	−0.188%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5907	−0.078%	$368	—	3x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5906	−0.103%	—	$3.1M	—	as long as short
Extended PONS-USD	+0.0184%	1h	0.5909	−0.047%	$105K	$533K	5x	as long as short
MEXC PONS_USDT	+0.0184%	4h	0.5905	−0.120%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0184%	4h	0.5907	−0.079%	$38.4M	$98.4M	20x	as long as short
edgeX PONSUSDC	+0.0187%	4h	0.5907	−0.093%	$21K	$294K	10x	as long as short
Aster PONSUSDT	+0.0217%	4h	0.5909	−0.058%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0339%	1h	0.5905	−0.129%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0421%	4h	0.5912	−0.002%	$1.7M	$970K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5909	−0.059%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0519%	1h	0.5905	−0.118%	$59.0M	$30.1M	3x	as long as short
Gate PONS_USDT	+0.0534%	4h	0.5906	−0.103%	$5.2M	$6.8M	20x	as long as short
Lighter RH PONSshort	+0.0640%	1h	0.5910	−0.027%	$395K	$2.6M	3x
Lighter PONS	+0.1120%	1h	0.5913	+0.020%	$1.7M	$882K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5912	−0.007%	$27K	$86K	3x	as long as short