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 0.000%

Price spread now: Orderly against Phemex+0.064%53s7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.064% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 53 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	0.5978	0.0100	pay 0.0050% / 4h	1h 38m	$1.6M	$3.3M	20x
Short	Orderly PERP_PONS_USDC_mythos	0.5982	0.0100	get 0.0050% / 4h	1h 38m	$3K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.064%Rate

Funding earned: $0
Price spread: +0.064% → 0.000%: $6.36
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.64
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Orderly: 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, 5 min ago	5.87 bp	40.4 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 −0.0034%	1h	0.5969	−0.152%	$219K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−0.977%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5976	−0.033%	$16K	$438K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5975	−0.050%	$17.9M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5973	−0.084%	$13.5M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5971	−0.120%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5973	−0.085%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5973	−0.078%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5981	+0.052%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythosshort	+0.0100%	4h	0.5982	+0.064%	$3K	$3K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5989	+0.179%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5982	+0.067%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5992	+0.236%	$64K	$506K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.5978	long leg	$1.6M	$3.3M	20x
Aevo PONS-PERP	+0.0128%	1h	0.5971	−0.109%	$372	—	3x	as long as short
Aster PONSUSDT	+0.0163%	4h	0.5973	−0.090%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0174%	4h	0.5973	−0.084%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0178%	4h	0.5981	+0.051%	$21K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0182%	4h	0.5974	−0.067%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0188%	4h	0.5976	−0.033%	$38.9M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0192%	1h	0.5975	−0.051%	$248K	$667K	5x	as long as short
Nado PONS-PERP	+0.0223%	1h	0.5973	−0.092%	$90K	$103K	5x	as long as short
BloFin PONS-USDT	+0.0422%	4h	0.5982	+0.067%	$1.7M	$984K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5973	−0.078%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0500%	1h	0.5978	+0.005%	$37K	$1.7M	3x	as long as short
Lighter RH PONS	+0.0536%	1h	0.5978	−0.008%	$423K	$2.6M	3x	as long as short
Hyperliquid PONS	+0.0632%	1h	0.5980	+0.032%	$60.3M	$30.0M	3x	as long as short
Lighter PONS	+0.0888%	1h	0.5978	+0.005%	$1.7M	$987K	3x	as long as short
Gate PONS_USDT	+0.1386%	4h	0.5976	−0.033%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5992	+0.234%	$30K	$96K	3x	as long as short