Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0245%/8h= +26.8% APRpaid last 24h +0.148%

Price spread now: Polymarket Perps against Orderly−0.129%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 Polymarket Perps

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—needs both histories

Funding pays, the price is against you. Polymarket Perps is 0.129% cheaper against Orderly than usual: you would sell low and buy high (spread −0.129% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 42 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.5879	0.0100	pay 0.0050% / 4h	2h 47m	$2K	$3K	10x
Short	Polymarket Perps PONS-USD	0.5872	0.0345	get 0.0043% / 1h	47m 06s	$38K	$1.8M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.129%Rate

Funding earned: $51.36
Price spread: −0.129% → 0.000%: −$12.93
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $24.43
Costs to cover: 0.140%
Break-even: 3.7 days

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 2 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 Polymarket Perps live order book, 2 min ago	2.13 bp	7.6 bp −$8	7.9 bp −$79	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	0.5871	−0.149%	$215K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.682%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5875	−0.078%	$395K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5873	−0.111%	$21K	$454K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5868	−0.196%	$17.7M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5870	−0.162%	$13.5M	$55.5M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5871	−0.146%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5873	−0.104%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5902	+0.375%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5913	+0.573%	$34K	$327K	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	0.5879	long leg	$2K	$3K	10x
SunX PONS-USDT	+0.0100%	4h	0.5871	−0.145%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5872	−0.131%	$27K	$536K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5886	+0.109%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5876	−0.060%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5873	−0.111%	$366	—	3x	as long as short
Extended PONS-USD	+0.0152%	1h	0.5873	−0.119%	$105K	$528K	5x	as long as short
MEXC PONS_USDT	+0.0154%	4h	0.5872	−0.128%	$7.6M	$5.1M	20x	as long as short
Binance PONSUSDT	+0.0156%	4h	0.5873	−0.108%	$38.2M	$98.0M	20x	as long as short
edgeX PONSUSDC	+0.0167%	4h	0.5883	+0.066%	$21K	$294K	10x	as long as short
BingX PONS-USDT	+0.0172%	4h	0.5873	−0.111%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0210%	4h	0.5871	−0.139%	$1.1M	$2.2M	20x	as long as short
Nado PONS-PERP	+0.0218%	1h	0.5871	−0.139%	$89K	$103K	5x	as long as short
Polymarket Perps PONS-USDshort	+0.0345%	1h	0.5872	−0.129%	$38K	$1.8M	3x
Gate PONS_USDT	+0.0376%	4h	0.5873	−0.111%	$5.1M	$6.8M	20x	as long as short
BloFin PONS-USDT	+0.0396%	4h	0.5878	−0.026%	$1.7M	$962K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5874	−0.090%	$46K	$102K	3x	as long as short
Hyperliquid PONS	+0.0620%	1h	0.5871	−0.141%	$58.7M	$29.8M	3x	as long as short
Lighter PONS	+0.0656%	1h	0.5878	−0.024%	$1.7M	$879K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5909	+0.510%	$27K	$86K	3x	as long as short