Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1175%/8h= −128.7% APRpaid last 24h −0.405%

Price spread now: Orderly against Phoenix−0.314%66s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Orderly is 0.314% cheaper against Phoenix than usual: you would sell low and buy high (−$31 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 66 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	0.5921	0.1275	pay 0.0159% / 1h	50m 25s	$27K	$86K	3x
Short	Orderly PERP_PONS_USDC_mythos	0.5902	0.0100	get 0.0050% / 4h	2h 50m	$2K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.314%Rate

Funding earned: −$246.85
Price spread: −0.314% → 0.000%: −$31.41
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$291.26
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Phoenix and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 +0.0032% / S −0.0034%	1h	0.5891	−0.498%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	−0.020%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5901	−0.334%	$21K	$456K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5895	−0.436%	$17.9M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5893	−0.470%	$13.5M	$55.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5898	−0.388%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5903	−0.302%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5902	−0.325%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5919	−0.024%	$34K	$327K	5x	as long as short
Orderly PERP_PONS_USDC_mythosshort	+0.0100%	4h	0.5902	−0.314%	$2K	$3K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5908	−0.220%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5905	−0.262%	$27K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5925	+0.066%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5905	−0.267%	$1.7M	$3.3M	20x	as long as short
Lighter RH PONS	+0.0120%	1h	0.5902	−0.319%	$397K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5898	−0.377%	$367	—	3x	as long as short
MEXC PONS_USDT	+0.0166%	4h	0.5900	−0.351%	$7.7M	$5.1M	20x	as long as short
Binance PONSUSDT	+0.0166%	4h	0.5896	−0.419%	$38.4M	$98.1M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5904	−0.292%	$105K	$529K	5x	as long as short
BingX PONS-USDT	+0.0187%	4h	0.5896	−0.419%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0189%	4h	0.5914	−0.123%	$21K	$293K	10x	as long as short
Aster PONSUSDT	+0.0225%	4h	0.5900	−0.344%	$1.1M	$2.2M	20x	as long as short
Nado PONS-PERP	+0.0328%	1h	0.5899	−0.368%	$89K	$103K	5x	as long as short
Polymarket Perps PONS-USD	+0.0367%	1h	0.5901	−0.331%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0406%	4h	0.5911	−0.166%	$1.7M	$982K	20x	as long as short
Gate PONS_USDT	+0.0452%	4h	0.5900	−0.351%	$5.2M	$6.7M	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5901	−0.339%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0721%	1h	0.5904	−0.287%	$59.1M	$29.6M	3x	as long as short
Lighter PONS	+0.0944%	1h	0.5907	−0.238%	$1.7M	$879K	3x	as long as short
Phoenix PONSlong	+0.1275%	1h	0.5921	long leg	$27K	$86K	3x