PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0462%/8h= −50.6% APRnext payment −$0.58 per $10,000 · paid last 24h −0.220%

Price spread now: Hyperliquid against Phoenix−0.505%81s7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$224as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$640.640% of the position

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−1.602%−$160 on $10k

Price spread, last 3 days (all we have)+0.452%+$45 · spread now −0.505%, 7d avg +0.015%

Together, before fees−1.150%+ Points / potential airdropHyperliquid: Season 2 · farm board−$115 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Hyperliquid is 0.521% cheaper against Phoenix than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of +0.015%). Swap the legs. The two prices were read 81 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6133	0.1307	pay 0.0163% / 1h	16m 03s	$31K	$102K	3x
Short	Hyperliquid PONS	0.6102	0.0845	get 0.0106% / 1h	16m 03s	$62.1M	$30.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.505%Rate

Funding earned: −$96.98
Price spread: −0.505% → +0.015%: −$52.07
Slippage, 4 orders: −$47.96
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$213.01
Costs to cover: 0.640%
Break-even: never at this rate

Slippage from Phoenix: live order book, 37 min ago; Hyperliquid: live order book, 7 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, 37 min ago	4.06 bp	19.1 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.08 bp	10.7 bp −$11	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.660%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6098	−0.566%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6105	−0.444%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6108	−0.401%	$20K	$431K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6108	−0.409%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6101	−0.515%	$18.3M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6102	−0.499%	$13.9M	$57.8M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6104	−0.464%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6120	−0.210%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6107	−0.419%	$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	0.6109	−0.380%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6103	−0.475%	$28K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6119	−0.219%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6105	−0.450%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0124%	4h	0.6106	−0.437%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0154%	4h	0.6104	−0.468%	$4.7M	$11.7M	20x	as long as short
Aster PONSUSDT	+0.0159%	4h	0.6101	−0.520%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6104	−0.461%	$380	—	3x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6105	−0.453%	$253K	$682K	5x	as long as short
Binance PONSUSDT	+0.0307%	4h	0.6104	−0.466%	$40.0M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0312%	4h	0.6105	−0.450%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0318%	4h	0.6101	−0.515%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0337%	4h	0.6118	−0.236%	$21K	$294K	10x	as long as short
Lighter PONS	+0.0344%	1h	0.6107	−0.417%	$1.7M	$931K	3x	as long as short
BloFin PONS-USDT	+0.0552%	4h	0.6111	−0.352%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0644%	1h	0.6108	−0.408%	$42K	$1.7M	3x	as long as short
Hyperliquid PONSshort	+0.0845%	1h	0.6102	−0.505%	$62.1M	$30.1M	3x
Pacifica PONS	+0.0899%	1h	0.6107	−0.424%	$48K	$96K	3x	as long as short
Phoenix PONSlong	+0.1307%	1h	0.6133	long leg	$31K	$102K	3x
Gate PONS_USDT	+0.2492%	4h	0.6100	−0.532%	$5.3M	$6.3M	20x	as long as short