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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.056%

Price spread now: OKX against Phemex−0.164%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1011.011% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 3 days (all we have)+0.051%+$5 · spread now −0.164%, 7d avg −0.027%

Together, before fees+0.308%+$31 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: OKX is 0.137% cheaper against Phemex than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.6084	0.0100	pay 0.0050% / 4h	1m 22s	$1.7M	$3.3M	20x
Short	OKX PONS-USDT-SWAP	0.6074	0.0100	get 0.0050% / 4h	1m 22s	$13.8M	$57.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.164%Rate

Funding earned: $0
Price spread: −0.164% → −0.027%: −$13.69
Slippage, 4 orders: −$79.07
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$114.76
Costs to cover: 1.011%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; OKX: live order book, 2 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 OKX live order book, 2 min ago	0.82 bp	9.7 bp −$10	31.6 bp −$316	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	−1.882%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6069	−0.247%	$240K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6086	+0.035%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6077	−0.115%	$20K	$418K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6076	−0.131%	$18.2M	$31.3M	20x	as long as short
OKX PONS-USDT-SWAPshort	+0.0100%	4h	0.6074	−0.164%	$13.8M	$57.6M	20x
Variational Omni PONS	+0.0100%	4h	0.6074	−0.161%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6100	+0.266%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6084	+0.007%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6082	−0.035%	—	$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	0.6077	−0.110%	$28K	$550K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6086	+0.038%	$65K	$510K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.6084	long leg	$1.7M	$3.3M	20x
KuCoin PONSUSDTM	+0.0138%	4h	0.6073	−0.173%	$1.7M	$3.8M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6081	−0.049%	$379	—	3x	as long as short
Aster PONSUSDT	+0.0154%	4h	0.6074	−0.158%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0176%	4h	0.6081	−0.049%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0221%	1h	0.6075	−0.152%	$105K	$116K	5x	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6076	−0.131%	$7.9M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0298%	4h	0.6078	−0.099%	—	$3.1M	—	as long as short
Binance PONSUSDT	+0.0302%	4h	0.6079	−0.082%	$39.8M	$98.1M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6078	−0.101%	$252K	$681K	5x	as long as short
edgeX PONSUSDC	+0.0312%	4h	0.6092	+0.133%	$21K	$294K	10x	as long as short
Lighter PONS	+0.0352%	1h	0.6081	−0.053%	$1.7M	$935K	3x	as long as short
BloFin PONS-USDT	+0.0542%	4h	0.6077	−0.115%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0656%	1h	0.6077	−0.115%	$41K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0831%	1h	0.6078	−0.099%	$61.9M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6074	−0.169%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6085	+0.016%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2102%	4h	0.6077	−0.115%	$5.3M	$6.4M	20x	as long as short