Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0681%/8h= +74.5% APRpaid last 24h +0.134%

Price spread now: Polymarket Perps against Phemex−0.023%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1021.015% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.518%+$52 on $10k

Price spread, last 3 days (all we have)−0.072%−$7 · spread now −0.023%, 7d avg +0.003%

Together, before fees+0.446%+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.026% cheaper against Phemex than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.003%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.518% in total) that is about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.6126	0.0100	pay 0.0050% / 4h	3h 14m	$1.7M	$3.2M	20x
Short	Polymarket Perps PONS-USD	0.6125	0.0781	get 0.0098% / 1h	14m 00s	$45K	$1.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.023%Rate

Funding earned: $142.95
Price spread: −0.023% → +0.003%: −$2.59
Slippage, 4 orders: −$81.51
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $38.85
Costs to cover: 1.015%
Break-even: 5.1 days

Slippage from Phemex: live order book, 5 min ago; Polymarket Perps: live order book, 5 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, 5 min ago	4.93 bp	40.9 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	2.46 bp	6.5 bp −$6	7.0 bp −$70	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 −0.0033%	1h	0.6122	−0.071%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.555%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6125	−0.016%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6089	−0.611%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6088	−0.622%	$33K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6137	+0.183%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6119	−0.121%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6133	+0.109%	$28K	$542K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6128	+0.033%	$65K	$510K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.6126	long leg	$1.7M	$3.2M	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.6133	+0.121%	$434K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6130	+0.058%	$382	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0194%	4h	0.6127	+0.016%	$14.0M	$56.7M	20x	as long as short
KuCoin PONSUSDTM	+0.0206%	4h	0.6133	+0.121%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0268%	4h	0.6140	+0.222%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0293%	4h	0.6132	+0.096%	$1.1M	$2.1M	20x	as long as short
edgeX PONSUSDC	+0.0363%	4h	0.6098	−0.462%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0372%	4h	0.6137	+0.180%	$8.0M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0376%	1h	0.6132	+0.104%	$253K	$678K	5x	as long as short
Binance PONSUSDT	+0.0377%	4h	0.6137	+0.180%	$40.3M	$96.3M	20x	as long as short
Lighter PONS	+0.0472%	1h	0.6134	+0.129%	$1.7M	$937K	3x	as long as short
BingX PONS-USDT	+0.0560%	4h	0.6138	+0.196%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0605%	1h	0.6125	−0.024%	$106K	$115K	5x	as long as short
BloFin PONS-USDT	+0.0614%	4h	0.6108	−0.294%	$1.8M	$993K	20x	as long as short
Bybit PONSUSDT	+0.0624%	4h	0.6128	+0.033%	$18.4M	$30.9M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6111	−0.251%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USDshort	+0.0781%	1h	0.6125	−0.023%	$45K	$1.6M	3x
Hyperliquid PONS	+0.0875%	1h	0.6136	+0.158%	$62.4M	$29.1M	3x	as long as short
Gate PONS_USDT	+0.0900%	4h	0.6122	−0.065%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6094	−0.527%	$32K	$113K	3x	as long as short