Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0636%/8h= +69.6% APRpaid last 24h +0.288%

Price spread now: Lighter against Phemex+0.146%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$950.946% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.892%+$89 on $10k

Price spread, last 3 days (all we have)−0.400%−$40 · spread now +0.146%, 7d avg +0.054%

Together, before fees+0.492%+ Points / potential airdropLighter: Season 3 · farm board+$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Lighter is 0.092% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5943	0.0100	pay 0.0050% / 4h	1h 35m	$1.6M	$3.3M	20x
Short	Lighter PONS	0.5952	0.0736	get 0.0092% / 1h	35m 13s	$1.7M	$992K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.146%Rate

Funding earned: $133.56
Price spread: +0.146% → +0.054%: $9.2
Slippage, 4 orders: −$82.58
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $48.19
Costs to cover: 0.946%
Break-even: 4.5 days

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 1 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, 3 min ago	5.85 bp	39.6 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	2.10 bp	12.1 bp −$12	19.6 bp −$196	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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.5944	+0.013%	$218K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.446%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5952	+0.151%	$17K	$438K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5943	0.000%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5946	+0.050%	$13.5M	$55.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5947	+0.059%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5951	+0.133%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5955	+0.207%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5986	+0.718%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5948	+0.086%	$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	0.5955	+0.195%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5949	+0.099%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5963	+0.340%	$64K	$506K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.5943	long leg	$1.6M	$3.3M	20x
Aevo PONS-PERP	+0.0128%	1h	0.5943	+0.006%	$370	—	3x	as long as short
Aster PONSUSDT	+0.0137%	4h	0.5944	+0.019%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0174%	4h	0.5950	+0.118%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0174%	4h	0.5947	+0.070%	$38.7M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5948	+0.088%	$247K	$667K	5x	as long as short
BingX PONS-USDT	+0.0184%	4h	0.5942	−0.017%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0197%	4h	0.5961	+0.298%	$21K	$293K	10x	as long as short
Nado PONS-PERP	+0.0216%	1h	0.5947	+0.067%	$90K	$103K	5x	as long as short
Lighter RH PONS	+0.0384%	1h	0.5950	+0.116%	$418K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0414%	4h	0.5948	+0.084%	$1.7M	$977K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5945	+0.031%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0486%	1h	0.5954	+0.178%	$37K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0623%	1h	0.5956	+0.214%	$60.0M	$30.0M	3x	as long as short
Lighter PONSshort	+0.0736%	1h	0.5952	+0.146%	$1.7M	$992K	3x
Gate PONS_USDT	+0.1330%	4h	0.5948	+0.084%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5976	+0.550%	$30K	$96K	3x	as long as short