Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0969%/8h= +106.1% APRpaid last 24h −0.022%

Price spread now: Injective against Phemex−3.658%65s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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. Injective is 3.658% cheaper against Phemex than usual: you would sell low and buy high (spread −3.658% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$366 on $10k: about 13 days of funding at the current rate (+$29 a day). The two prices were read 65 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	0.6164	0.0100	pay 0.0050% / 4h	1m 27s	$1.7M	$3.2M	20x
Short	Injective PONS/USDC PERP	0.5938	0.1069	get 0.0134% / 1h	1m 27s	$610	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now −3.658%Rate

Funding earned: $203.56
Price spread: −3.658% → 0.000%: −$365.83
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$174.29
Costs to cover: 0.120%
Break-even: 13.0 days

Slippage unknown: Phemex: live order book, 2 min ago; Injective: no order-book sample. 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 Phemex live order book, 2 min ago	3.24 bp	37.5 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 −0.0030%	1h	0.6145	−0.304%	$240K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6154	−0.162%	$23K	$456K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6150	−0.235%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6164	+0.002%	$30K	$299K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6165	+0.013%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6154	−0.167%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6158	−0.105%	$26K	$638K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6170	+0.092%	$66K	$535K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.6164	long leg	$1.7M	$3.2M	20x
Aevo PONS-PERP	+0.0232%	1h	0.6159	−0.073%	$384	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PONS_USDT	+0.0354%	4h	0.6150	−0.227%	$5.5M	$6.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0388%	4h	0.6152	−0.195%	$13.9M	$60.6M	20x	as long as short
Lighter RH PONS	+0.0432%	1h	0.6159	−0.081%	$427K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0439%	4h	0.6157	−0.115%	$1.1M	$2.3M	20x	as long as short
Lighter PONS	+0.0480%	1h	0.6159	−0.081%	$1.7M	$859K	3x	as long as short
KuCoin PONSUSDTM	+0.0486%	4h	0.6152	−0.195%	$1.6M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0488%	4h	0.6153	−0.176%	$1.5M	$4.2M	—	as long as short
Hyperliquid PONS	+0.0497%	1h	0.6149	−0.248%	$62.8M	$30.5M	3x	as long as short
Pacifica PONS	+0.0572%	1h	0.6151	−0.212%	$46K	$77K	3x	as long as short
MEXC PONS_USDT	+0.0596%	4h	0.6152	−0.195%	$7.8M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0596%	4h	0.6155	−0.146%	$40.0M	$105.2M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6153	−0.186%	$103K	$827K	5x	as long as short
edgeX PONSUSDC	+0.0603%	4h	0.6164	−0.006%	$20K	$292K	10x	as long as short
BingX PONS-USDT	+0.0654%	4h	0.6155	−0.146%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.0661%	4h	0.6151	−0.211%	$18.4M	$33.1M	20x	as long as short
Bitget PONSUSDT	+0.0682%	4h	0.6152	−0.188%	$4.9M	$13.0M	20x	as long as short
BloFin PONS-USDT	+0.0829%	4h	0.6172	+0.130%	$1.7M	$1.1M	20x	as long as short
Polymarket Perps PONS-USD	+0.0973%	1h	0.6142	−0.349%	$72K	$2.3M	3x	as long as short
Injective PONS/USDC PERPshort	+0.1069%	1h	0.5938	−3.658%	$610	$10K	5.5x
Phoenix PONS	+0.1405%	1h	0.6162	−0.032%	$47K	$127K	3x	as long as short