Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1207%/8h= −132.2% APRpaid last 24h −0.338%

Price spread now: OKX against Phoenix+0.033%86s7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$237as 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−$610.611% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.761%−$176 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now +0.033%, 7d avg −0.024%

Together, before fees−1.752%−$175 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.057% dearer against Phoenix than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.024%): +$6 on $10k if it goes back. Holding the pair costs −$36 a day in funding at the current rate, which eats that in about 4 hours. The two prices were read 86 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	0.6085	0.1307	pay 0.0163% / 1h	4m 01s	$31K	$102K	3x
Short	OKX PONS-USDT-SWAP	0.6087	0.0100	get 0.0050% / 4h	4m 01s	$13.9M	$57.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$253.51
Price spread: +0.033% → −0.024%: $5.71
Slippage, 4 orders: −$44.13
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$308.93
Costs to cover: 0.611%
Break-even: never at this rate

Slippage from Phoenix: live order book, 49 min ago; OKX: 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, 49 min ago	4.06 bp	19.1 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.64 bp	11.8 bp −$12	28.1 bp −$281	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	−1.898%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6084	−0.018%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6089	+0.072%	$426K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6092	+0.115%	$20K	$421K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6089	+0.066%	$18.3M	$31.3M	20x	as long as short
OKX PONS-USDT-SWAPshort	+0.0100%	4h	0.6087	+0.033%	$13.9M	$57.7M	20x
Variational Omni PONS	+0.0100%	4h	0.6076	−0.153%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6096	+0.177%	$32K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6095	+0.159%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6093	+0.125%	—	$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	0.6091	+0.097%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6103	+0.294%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6093	+0.131%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0126%	4h	0.6088	+0.044%	$1.7M	$3.8M	20x	as long as short
Aster PONSUSDT	+0.0151%	4h	0.6089	+0.074%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6093	+0.124%	$380	—	3x	as long as short
Bitget PONSUSDT	+0.0166%	4h	0.6091	+0.105%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0207%	1h	0.6094	+0.152%	$105K	$116K	5x	as long as short
MEXC PONS_USDT	+0.0292%	4h	0.6091	+0.099%	$8.0M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6091	+0.105%	$252K	$682K	5x	as long as short
Binance PONSUSDT	+0.0297%	4h	0.6092	+0.122%	$39.9M	$98.2M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6091	+0.099%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0316%	4h	0.6086	+0.018%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0336%	1h	0.6091	+0.099%	$1.7M	$935K	3x	as long as short
BloFin PONS-USDT	+0.0532%	4h	0.6091	+0.099%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0650%	1h	0.6091	+0.104%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0836%	1h	0.6091	+0.104%	$62.0M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6090	+0.080%	$48K	$96K	3x	as long as short
Phoenix PONSlong	+0.1307%	1h	0.6085	long leg	$31K	$102K	3x
Gate PONS_USDT	+0.2192%	4h	0.6088	+0.049%	$5.3M	$6.3M	20x	as long as short