Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1104%/8h= −120.9% APRpaid last 24h −0.296%

Price spread now: Binance against Phoenix−0.299%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$220as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$610.608% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.591%−$159 on $10k

Price spread, last 4 days (all we have)+0.387%+$39 · spread now −0.299%, 7d avg −0.007%

Together, before fees−1.204%−$120 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Binance is 0.292% cheaper against Phoenix than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.5937	0.1719	pay 0.0215% / 1h	43m 02s	$45K	$121K	3x
Short	Binance PONSUSDT	0.5920	0.0616	get 0.0308% / 4h	2h 43m	$38.7M	$94.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.299%Rate

Funding earned: −$231.8
Price spread: −0.299% → −0.007%: −$29.18
Slippage, 4 orders: −$43.81
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$321.8
Costs to cover: 0.608%
Break-even: never at this rate

Slippage from Phoenix: live order book, 62 min ago; Binance: live order book, 15 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 Phoenix live order book, 62 min ago	3.66 bp	17.7 bp −$18	56.1 bp −$561	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.84 bp	13.2 bp −$13	42.0 bp −$420	211.5 bp −$21.2K	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	0.5912	−0.426%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.542%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5919	−0.301%	$418K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5920	−0.291%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5924	−0.224%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5925	−0.207%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5930	−0.121%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5923	−0.243%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5920	−0.291%	$26K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5933	−0.067%	$64K	$513K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5925	−0.207%	$1.6M	$3.2M	20x	as long as short
Gate PONS_USDT	+0.0142%	4h	0.5918	−0.325%	$5.2M	$6.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5926	−0.190%	$369	—	3x	as long as short
Hyperliquid PONS	+0.0264%	1h	0.5919	−0.300%	$60.0M	$29.0M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0367%	4h	0.5921	−0.275%	$13.4M	$54.7M	20x	as long as short
Aster PONSUSDT	+0.0490%	4h	0.5922	−0.254%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0538%	4h	0.5931	−0.098%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0558%	4h	0.5923	−0.249%	$4.7M	$11.8M	20x	as long as short
Binance PONSUSDTshort	+0.0616%	4h	0.5920	−0.299%	$38.7M	$94.7M	20x
Extended PONS-USD	+0.0616%	1h	0.5922	−0.259%	$106K	$807K	5x	as long as short
MEXC PONS_USDT	+0.0618%	4h	0.5922	−0.258%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.5939	+0.022%	$20K	$296K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5925	−0.204%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0734%	4h	0.5921	−0.266%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0795%	1h	0.5918	−0.317%	$87K	$1.7M	3x	as long as short
BingX PONS-USDT	+0.0796%	4h	0.5922	−0.258%	—	$3.0M	—	as long as short
Lighter PONS	+0.0800%	1h	0.5922	−0.259%	$1.6M	$886K	3x	as long as short
Bybit PONSUSDT	+0.0839%	4h	0.5916	−0.359%	$17.7M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0856%	4h	0.5919	−0.308%	$1.7M	$943K	20x	as long as short
Phoenix PONSlong	+0.1719%	1h	0.5937	long leg	$45K	$121K	3x