Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: ApeX Omni against Phemex+0.210%77s7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$203as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2012.010% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−0.369%−$37 · spread now +0.210%, 7d avg +0.094%

Together, before fees−0.385%−$38 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.116% dearer against Phemex than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.094%. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.6087	0.0100	pay 0.0050% / 4h	1m 35s	$1.7M	$3.3M	20x
Short	ApeX Omni PONSUSDT	0.6100	0.0100	get 0.0013% / 1h	1m 35s	$33K	$357K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now +0.210%Rate

Funding earned: $0
Price spread: +0.210% → +0.094%: $11.6
Slippage, 4 orders: −$178.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$189.39
Costs to cover: 2.010%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; ApeX Omni: live order book, 11 min ago.

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 Phemex live order book, 2 min ago	1.64 bp	35.4 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 11 min ago	46.45 bp	64.9 bp −$65	153.7 bp −$1,537	doesn't fit	doesn't fit

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	−1.930%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6078	−0.154%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6086	−0.015%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6081	−0.099%	$20K	$419K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6073	−0.230%	$18.2M	$31.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6073	−0.230%	$13.8M	$57.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6076	−0.186%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDTshort	+0.0100%	1h	0.6100	+0.210%	$33K	$357K	5x
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6087	+0.002%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6091	+0.069%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6089	+0.025%	$28K	$550K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6103	+0.256%	$65K	$510K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.6087	long leg	$1.7M	$3.3M	20x
KuCoin PONSUSDTM	+0.0138%	4h	0.6068	−0.319%	$1.7M	$3.8M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6086	−0.009%	$379	—	3x	as long as short
Aster PONSUSDT	+0.0154%	4h	0.6079	−0.124%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0176%	4h	0.6077	−0.163%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0216%	1h	0.6082	−0.082%	$105K	$116K	5x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6077	−0.167%	$252K	$681K	5x	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6077	−0.164%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0298%	4h	0.6077	−0.164%	—	$3.1M	—	as long as short
Binance PONSUSDT	+0.0302%	4h	0.6077	−0.164%	$39.8M	$98.2M	20x	as long as short
edgeX PONSUSDC	+0.0316%	4h	0.6086	−0.015%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0352%	1h	0.6081	−0.102%	$1.7M	$935K	3x	as long as short
BloFin PONS-USDT	+0.0537%	4h	0.6096	+0.148%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0651%	1h	0.6086	−0.025%	$41K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0830%	1h	0.6091	+0.064%	$62.0M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6074	−0.218%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6085	−0.033%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2102%	4h	0.6076	−0.181%	$5.3M	$6.4M	20x	as long as short