Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: SoDEX against Phemex−0.030%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$213as in the Price arb table

costs, in and out, $10k−$2112.107% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.030%, 7d avg −0.005%

Together, before fees+0.041%+$4 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: SoDEX is 0.025% cheaper against Phemex than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5925	0.0100	pay 0.0050% / 4h	43m 07s	$1.6M	$3.2M	20x
Short	SoDEX PONS-USD	0.5923	0.0100	get 0.0013% / 1h	43m 07s	$26K	$524K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → −0.005%: −$2.51
Slippage, 4 orders: −$190.71
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$213.23
Costs to cover: 2.107%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; SoDEX: live order book, 16 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, 6 min ago	3.38 bp	40.1 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX live order book, 16 min ago	1.01 bp	71.7 bp −$72	doesn't fit	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 −0.0032%	1h	0.5920	−0.083%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.751%	$614	$10K	5.5x	as long as short
Lighter PONS	+0.0096%	1h	0.5925	−0.008%	$1.6M	$883K	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5928	+0.051%	$20K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5921	−0.068%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5914	−0.194%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5927	+0.027%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5932	+0.125%	—	$1.3M	10x	as long as short
SoDEX PONS-USDshort	+0.0100%	1h	0.5923	−0.030%	$26K	$524K	3x
HTX PONS-USDT	+0.0100%	4h	0.5943	+0.297%	$64K	$512K	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	0.5925	long leg	$1.6M	$3.2M	20x
Lighter RH PONS	+0.0144%	1h	0.5921	−0.068%	$405K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0188%	1h	0.5934	+0.149%	$69K	$129K	5x	as long as short
Variational Omni PONS	+0.0196%	4h	0.5907	−0.305%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5924	−0.017%	$369	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0307%	4h	0.5924	−0.017%	$13.5M	$54.1M	20x	as long as short
Aster PONSUSDT	+0.0373%	4h	0.5925	−0.007%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0438%	4h	0.5924	−0.014%	$4.6M	$11.5M	20x	as long as short
Bybit PONSUSDT	+0.0451%	4h	0.5923	−0.034%	$17.7M	$30.7M	20x	as long as short
BingX PONS-USDT	+0.0498%	4h	0.5928	+0.051%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0520%	1h	0.5922	−0.043%	$106K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0522%	4h	0.5924	−0.017%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0523%	4h	0.5924	−0.023%	$38.9M	$94.8M	20x	as long as short
edgeX PONSUSDC	+0.0527%	4h	0.5904	−0.347%	$18K	$294K	10x	as long as short
KuCoin PONSUSDTM	+0.0572%	4h	0.5925	+0.002%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONS	+0.0715%	1h	0.5923	−0.034%	$60.3M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0763%	4h	0.5934	+0.152%	$1.7M	$952K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5933	+0.138%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0906%	1h	0.5928	+0.047%	$65K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5911	−0.240%	$31K	$104K	3x	as long as short