Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0799%/8h= −87.4% APRpaid last 24h −0.086%

Price spread now: Phemex against Pacifica+0.089%7-day average +0.011% · you sell dearer than you buy

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

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.360%−$36 on $10k

Price spread, last 3 days (all we have)+0.157%+$16 · spread now +0.089%, 7d avg +0.011%

Together, before fees−0.203%+ Points / potential airdropPacifica: Active · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.079% dearer against Pacifica than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of +0.011%): +$8 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.360% in total) that is about 37 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.360% in total (about -18.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica PONS	0.6124	0.0899	pay 0.0112% / 1h	29m 42s	$48K	$96K	3x
Short	Phemex PONSUSDT	0.6129	0.0100	get 0.0050% / 4h	29m 42s	$1.7M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PacificabpFee PhemexbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$167.7
Price spread: +0.089% → +0.011%: $7.86
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$179.84
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Pacifica: no order-book sample; Phemex: live order book, 4 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 Pacifica no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	4.89 bp	40.4 bp −$40	doesn't fit	doesn't fit	doesn't fit

Pacifica: 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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.515%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6118	−0.091%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6123	−0.012%	$429K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6125	+0.024%	$20K	$438K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6125	+0.025%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6120	−0.058%	$18.5M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6123	−0.009%	$14.0M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6124	+0.013%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6127	+0.057%	$34K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6130	+0.112%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6128	+0.068%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6128	+0.068%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6136	+0.195%	$65K	$509K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.6129	+0.089%	$1.7M	$3.3M	20x
KuCoin PONSUSDTM	+0.0120%	4h	0.6119	−0.069%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0144%	4h	0.6124	+0.014%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6127	+0.058%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0163%	4h	0.6122	−0.017%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0240%	1h	0.6123	−0.010%	$1.7M	$922K	3x	as long as short
MEXC PONS_USDT	+0.0302%	4h	0.6124	+0.008%	$8.1M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0304%	4h	0.6125	+0.032%	$40.1M	$98.7M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6121	−0.043%	$253K	$682K	5x	as long as short
BingX PONS-USDT	+0.0308%	4h	0.6122	−0.025%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0313%	4h	0.6129	+0.084%	$21K	$294K	10x	as long as short
BloFin PONS-USDT	+0.0545%	4h	0.6130	+0.106%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0665%	1h	0.6126	+0.037%	$42K	$1.7M	3x	as long as short
Pacifica PONSlong	+0.0899%	1h	0.6124	long leg	$48K	$96K	3x
Hyperliquid PONS	+0.0903%	1h	0.6124	+0.009%	$62.2M	$30.4M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6126	+0.039%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2294%	4h	0.6118	−0.090%	$5.4M	$6.3M	20x	as long as short