Funding you earn now, next payment 06:00 UTC−0.1376%/8h= −150.7% APRnext payment −$1.72 per $10,000 · paid last 24h −0.274%
Price spread now: Lighter RH against Phoenix−0.341%7-day average +0.017% · you buy dearer than you sell
Net, funding: paid 7d − costs−$219as in the Funding arb table
Net, price: spread back to 7d avg − costs−$92as in the Price arb table
costs, in and out, $10k−$560.564% of the position
Funding, last 7 days−1.630%−$163 on $10k
+Price spread, last 4 days (all we have)+0.318%+$32 · spread now −0.341%, 7d avg +0.017%
=Together, before fees−1.312%+ Points / potential airdropLighter RH: Points live · farm board−$131 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Lighter RH is 0.358% cheaper against Phoenix than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of +0.017%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix PONS | 0.5925 | 0.1472 | pay 0.0184% / 1h | 36m 44s | $45K | $127K | 3x |
| Short | Lighter RH PONS | 0.5905 | 0.0096 | get 0.0012% / 1h | 36m 44s | $415K | $2.6M | 3x |
Phoenix PONS
Lighter RH PONSFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$289.03
- Price spread: −0.341% → +0.017%
- −$35.75
- Slippage, 4 orders
- −$49.36
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$381.15
- Costs to cover
- 0.564%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 64 min ago; Lighter RH: live order book, 1 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, 64 min ago | 4.06 bp | 19.1 bp −$19 | 61.3 bp −$613 | doesn't fit | doesn't fit |
| Sell Lighter RH live order book, 1 min ago | 5.16 bp | 9.0 bp −$9 | 53.6 bp −$536 | 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 | 0.5901 | −0.404% | $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 RH PONSshort | +0.0096% | 1h | 0.5905 | −0.341% | $415K | $2.6M | 3x | |
| Popdex PONSUSDT | +0.0096% | 1h | 0.5915 | −0.169% | $22K | $421K | 20x | as long as short |
| Orderly PERP_PONS_USDC_mythos | +0.0100% | 4h | 0.5921 | −0.061% | $2K | $3K | 10x | as long as short |
| Nado PONS-PERP | +0.0100% | 1h | 0.5915 | −0.163% | $69K | $131K | 5x | as long as short |
| ApeX Omni PONSUSDT | +0.0100% | 1h | 0.5921 | −0.064% | $29K | $317K | 5x | as long as short |
| SunX PONS-USDT | +0.0100% | 4h | 0.5916 | −0.147% | — | $1.3M | 10x | as long as short |
| SoDEX PONS-USD | +0.0100% | 1h | 0.5913 | −0.203% | $25K | $586K | 3x | as long as short |
| HTX PONS-USDT | +0.0100% | 4h | 0.5913 | −0.201% | $64K | $524K | 20x | as long as short |
gTrade (Gains Network) PONS/USD
Injective PONS/USDC PERP
Popdex PONSUSDT
Orderly PERP_PONS_USDC_mythos
Nado PONS-PERP
ApeX Omni PONSUSDT
SunX PONS-USDT
SoDEX PONS-USD
HTX PONS-USDTShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex PONSUSDT | +0.0100% | 4h | 0.5910 | −0.253% | $1.6M | $3.2M | 20x | as long as short |
| Aevo PONS-PERP | +0.0216% | 1h | 0.5914 | −0.194% | $368 | — | 3x | as long as short |
| Hyperliquid PONS | +0.0228% | 1h | 0.5909 | −0.278% | $60.0M | $29.5M | 3x | as long as short |
| Gate PONS_USDT | +0.0354% | 4h | 0.5900 | −0.422% | $5.2M | $6.3M | 20x | as long as short |
| OKX PONS-USDT-SWAP | +0.0406% | 4h | 0.5908 | −0.287% | $13.3M | $55.8M | 20x | as long as short |
| Polymarket Perps PONS-USD | +0.0447% | 1h | 0.5915 | −0.177% | $94K | $1.9M | 3x | as long as short |
| Aster PONSUSDT | +0.0459% | 4h | 0.5904 | −0.361% | $1.1M | $2.2M | 20x | as long as short |
| Extended PONS-USD | +0.0520% | 1h | 0.5902 | −0.384% | $101K | $811K | 5x | as long as short |
| Binance PONSUSDT | +0.0524% | 4h | 0.5903 | −0.370% | $37.1M | $98.5M | 20x | as long as short |
| MEXC PONS_USDT | +0.0528% | 4h | 0.5902 | −0.388% | $7.5M | $4.7M | 20x | as long as short |
| edgeX PONSUSDC | +0.0555% | 4h | 0.5918 | −0.125% | $20K | $291K | 10x | as long as short |
| Pacifica PONS | +0.0556% | 1h | 0.5913 | −0.202% | $45K | $68K | 3x | as long as short |
| Variational Omni PONS | +0.0609% | 4h | 0.5918 | −0.110% | $1.4M | $4.1M | — | as long as short |
| KuCoin PONSUSDTM | +0.0632% | 4h | 0.5904 | −0.351% | $1.6M | $3.8M | 20x | as long as short |
| Bitget PONSUSDT | +0.0670% | 4h | 0.5906 | −0.321% | $4.7M | $12.2M | 20x | as long as short |
| Lighter PONS | +0.0704% | 1h | 0.5909 | −0.275% | $1.6M | $829K | 3x | as long as short |
| BingX PONS-USDT | +0.0724% | 4h | 0.5905 | −0.338% | — | $3.0M | — | as long as short |
| Bybit PONSUSDT | +0.0746% | 4h | 0.5901 | −0.405% | $17.5M | $31.4M | 20x | as long as short |
| BloFin PONS-USDT | +0.0764% | 4h | 0.5918 | −0.118% | $1.7M | $953K | 20x | as long as short |
| Phoenix PONSlong | +0.1472% | 1h | 0.5925 | long leg | $45K | $127K | 3x |
Phemex PONSUSDT
Aevo PONS-PERP
Hyperliquid PONS
Gate PONS_USDT
OKX PONS-USDT-SWAP
Polymarket Perps PONS-USD
Aster PONSUSDT
Extended PONS-USD
Binance PONSUSDT
MEXC PONS_USDT
edgeX PONSUSDC
Pacifica PONS
Variational Omni PONS
KuCoin PONSUSDTM
Bitget PONSUSDT
Lighter PONS
BingX PONS-USDT
Bybit PONSUSDT
BloFin PONS-USDT