Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0565%/8h= +61.8% APRpaid last 24h +0.091%

Price spread now: Pacifica against Phemex−0.234%7-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 Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

Funding pays, the price is against you. Pacifica is 0.234% cheaper against Phemex than usual: you would sell low and buy high (spread −0.234% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 33 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.368% in total) that is about 4.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.368% in total (about 19.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.6083	0.0100	pay 0.0050% / 4h	3h 18m	$1.7M	$3.2M	20x
Short	Pacifica PONS	0.6069	0.0665	get 0.0083% / 1h	18m 00s	$48K	$78K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.234%Rate

Funding earned: $118.57
Price spread: −0.234% → 0.000%: −$23.44
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $75.13
Costs to cover: 0.200%
Break-even: 2.6 days

Slippage unknown: Phemex: live order book, 6 min ago; Pacifica: 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, 6 min ago	4.92 bp	38.0 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica no order-book sample	—	—	—	—	—

Pacifica: 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 +0.0033% / S −0.0033%	1h	0.6074	−0.150%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.866%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6084	+0.016%	$429K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6074	−0.148%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6082	−0.016%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6093	+0.171%	$33K	$358K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6079	−0.064%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6089	+0.105%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6084	+0.015%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6080	−0.049%	$65K	$510K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDTlong	+0.0100%	4h	0.6083	long leg	$1.7M	$3.2M	20x
Aevo PONS-PERP	+0.0168%	1h	0.6077	−0.096%	$379	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0183%	4h	0.6090	+0.115%	$13.9M	$56.5M	20x	as long as short
KuCoin PONSUSDTM	+0.0192%	4h	0.6082	−0.021%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0258%	4h	0.6094	+0.178%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0272%	4h	0.6073	−0.162%	$1.1M	$2.1M	20x	as long as short
MEXC PONS_USDT	+0.0354%	4h	0.6093	+0.164%	$7.9M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0360%	1h	0.6090	+0.108%	$252K	$678K	5x	as long as short
Binance PONSUSDT	+0.0360%	4h	0.6090	+0.115%	$40.0M	$96.3M	20x	as long as short
edgeX PONSUSDC	+0.0379%	4h	0.6082	−0.020%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0416%	1h	0.6084	+0.016%	$1.7M	$933K	3x	as long as short
BingX PONS-USDT	+0.0591%	4h	0.6090	+0.115%	—	$3.1M	—	as long as short
BloFin PONS-USDT	+0.0595%	4h	0.6077	−0.099%	$1.8M	$997K	20x	as long as short
Bybit PONSUSDT	+0.0607%	4h	0.6090	+0.115%	$18.3M	$30.9M	20x	as long as short
Nado PONS-PERP	+0.0618%	1h	0.6072	−0.185%	$105K	$115K	5x	as long as short
Pacifica PONSshort	+0.0665%	1h	0.6069	−0.234%	$48K	$78K	3x
Gate PONS_USDT	+0.0758%	4h	0.6077	−0.099%	$5.3M	$6.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0767%	1h	0.6075	−0.127%	$44K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0874%	1h	0.6089	+0.105%	$62.0M	$29.1M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6095	+0.191%	$32K	$113K	3x	as long as short