Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1007%/8h= −110.3% APRpaid last 24h −0.235%

Price spread now: BingX against Phoenix−0.064%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$202as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$630.629% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.387%−$139 on $10k

Price spread, last 3 days (all we have)+0.078%+$8 · spread now −0.064%, 7d avg +0.028%

Together, before fees−1.309%−$131 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and BingX is 0.092% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6126	0.1307	pay 0.0163% / 1h	32m 55s	$31K	$102K	3x
Short	BingX PONS-USDT	0.6122	0.0300	get 0.0150% / 4h	32m 55s	—	$3.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$211.51
Price spread: −0.064% → +0.028%: −$9.17
Slippage, 4 orders: −$45.86
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$283.55
Costs to cover: 0.629%
Break-even: never at this rate

Slippage from Phoenix: live order book, 20 min ago; BingX: live order book, 2 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, 20 min ago	4.06 bp	19.1 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	2.44 bp	11.5 bp −$12	31.6 bp −$316	130.9 bp −$13.1K	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.553%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6119	−0.112%	$236K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6129	+0.051%	$427K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6130	+0.067%	$20K	$440K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6125	−0.008%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6122	−0.064%	$18.5M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6123	−0.047%	$14.0M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6125	−0.018%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6150	+0.392%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6131	+0.091%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6129	+0.057%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6130	+0.065%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6147	+0.336%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6130	+0.067%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0118%	4h	0.6120	−0.091%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0136%	4h	0.6129	+0.059%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6127	+0.011%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0179%	4h	0.6124	−0.033%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0216%	1h	0.6130	+0.065%	$1.7M	$922K	3x	as long as short
BingX PONS-USDTshort	+0.0300%	4h	0.6122	−0.064%	—	$3.0M	—
MEXC PONS_USDT	+0.0308%	4h	0.6124	−0.031%	$8.1M	$4.9M	20x	as long as short
edgeX PONSUSDC	+0.0309%	4h	0.6134	+0.126%	$21K	$293K	10x	as long as short
Binance PONSUSDT	+0.0309%	4h	0.6128	+0.034%	$40.1M	$98.8M	20x	as long as short
Extended PONS-USD	+0.0312%	1h	0.6127	+0.017%	$253K	$682K	5x	as long as short
BloFin PONS-USDT	+0.0549%	4h	0.6130	+0.067%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0668%	1h	0.6129	+0.051%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6124	−0.035%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0920%	1h	0.6130	+0.067%	$62.3M	$30.4M	3x	as long as short
Phoenix PONSlong	+0.1307%	1h	0.6126	long leg	$31K	$102K	3x
Gate PONS_USDT	+0.2244%	4h	0.6120	−0.096%	$5.4M	$6.3M	20x	as long as short