PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0979%/8h= −107.2% APRnext payment −$1.22 per $10,000 · paid last 24h −0.116%

Price spread now: Lighter against Phoenix−0.163%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$490.490% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−1.123%−$112 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now −0.163%, 7d avg +0.060%

Together, before fees−1.048%+ Points / potential airdropLighter: Season 3 · farm board−$105 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Lighter is 0.223% cheaper against Phoenix than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.060%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6092	0.1307	pay 0.0163% / 1h	6m 35s	$31K	$102K	3x
Short	Lighter PONS	0.6082	0.0328	get 0.0041% / 1h	6m 35s	$1.7M	$934K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.163%Rate

Funding earned: −$205.63
Price spread: −0.163% → +0.060%: −$22.29
Slippage, 4 orders: −$42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$276.92
Costs to cover: 0.490%
Break-even: never at this rate

Slippage from Phoenix: live order book, 46 min ago; Lighter: 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 Phoenix live order book, 46 min ago	4.06 bp	19.1 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	2.54 bp	7.0 bp −$7	12.6 bp −$126	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	−2.008%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6078	−0.221%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6082	−0.163%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6078	−0.227%	$20K	$422K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6074	−0.292%	$18.2M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6074	−0.292%	$13.9M	$57.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6091	−0.019%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6095	+0.056%	$32K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6089	−0.041%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6087	−0.077%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6082	−0.153%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6090	−0.021%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6091	−0.013%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0122%	4h	0.6075	−0.277%	$1.7M	$3.8M	20x	as long as short
Aster PONSUSDT	+0.0143%	4h	0.6075	−0.271%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6084	−0.128%	$379	—	3x	as long as short
Bitget PONSUSDT	+0.0160%	4h	0.6076	−0.254%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0198%	1h	0.6081	−0.177%	$105K	$116K	5x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6076	−0.262%	$252K	$682K	5x	as long as short
Binance PONSUSDT	+0.0297%	4h	0.6077	−0.238%	$39.8M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6075	−0.276%	$7.9M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6078	−0.227%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0308%	4h	0.6090	−0.031%	$21K	$293K	10x	as long as short
Lighter PONSshort	+0.0328%	1h	0.6082	−0.163%	$1.7M	$934K	3x
BloFin PONS-USDT	+0.0538%	4h	0.6089	−0.046%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0643%	1h	0.6077	−0.241%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0835%	1h	0.6082	−0.153%	$61.9M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6078	−0.225%	$48K	$96K	3x	as long as short
Phoenix PONSlong	+0.1307%	1h	0.6092	long leg	$31K	$102K	3x
Gate PONS_USDT	+0.2240%	4h	0.6081	−0.177%	$5.3M	$6.3M	20x	as long as short