Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1614%/8h= −176.7% APRpaid last 24h −0.397%

Price spread now: Phemex against Phoenix+0.186%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$321as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$1151.150% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.059%−$206 on $10k

Price spread, last 4 days (all we have)+0.400%+$40 · spread now +0.186%, 7d avg +0.003%

Together, before fees−1.660%−$166 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.183% dearer against Phoenix than usual: you sell high and buy low (spread +0.186% now, against its 7-day average of +0.003%): +$18 on $10k if it goes back. Holding the pair costs −$48 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6199	0.1714	pay 0.0214% / 1h	38m 57s	$47K	$159K	3x
Short	Phemex PONSUSDT	0.6210	0.0100	get 0.0050% / 4h	3h 38m	$1.7M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.186%Rate

Funding earned: −$338.94
Price spread: +0.186% → +0.003%: $18.25
Slippage, 4 orders: −$96
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$435.69
Costs to cover: 1.150%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; Phemex: 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, 52 min ago	4.41 bp	20.7 bp −$21	67.4 bp −$674	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.84 bp	36.6 bp −$37	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
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0030%	1h	0.6213	+0.228%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.195%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6228	+0.476%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6219	+0.331%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6196	−0.045%	$31K	$293K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6221	+0.363%	$73K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6224	+0.411%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6218	+0.315%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6214	+0.250%	$26K	$618K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6226	+0.437%	$66K	$527K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDTshort	+0.0100%	4h	0.6210	+0.186%	$1.7M	$3.2M	20x
Aevo PONS-PERP	+0.0240%	1h	0.6216	+0.278%	$387	—	3x	as long as short
Hyperliquid PONS	+0.0310%	1h	0.6208	+0.145%	$63.5M	$30.6M	3x	as long as short
Lighter RH PONS	+0.0384%	1h	0.6219	+0.331%	$421K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0387%	4h	0.6232	+0.540%	$14.3M	$61.2M	20x	as long as short
Aster PONSUSDT	+0.0433%	4h	0.6221	+0.369%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0460%	4h	0.6221	+0.363%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0556%	4h	0.6213	+0.242%	$1.5M	$4.4M	—	as long as short
Gate PONS_USDT	+0.0624%	4h	0.6205	+0.105%	$5.4M	$6.3M	20x	as long as short
MEXC PONS_USDT	+0.0624%	4h	0.6217	+0.298%	$7.9M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0632%	1h	0.6214	+0.257%	$104K	$828K	5x	as long as short
Binance PONSUSDT	+0.0633%	4h	0.6219	+0.330%	$40.6M	$104.2M	20x	as long as short
edgeX PONSUSDC	+0.0639%	4h	0.6212	+0.213%	$20K	$291K	10x	as long as short
Bitget PONSUSDT	+0.0706%	4h	0.6219	+0.332%	$4.9M	$13.2M	20x	as long as short
Lighter PONS	+0.0752%	1h	0.6219	+0.331%	$1.7M	$867K	3x	as long as short
Pacifica PONS	+0.0853%	1h	0.6231	+0.525%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0873%	4h	0.6219	+0.331%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.1104%	4h	0.6226	+0.444%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1120%	4h	0.6226	+0.444%	$18.8M	$33.1M	20x	as long as short
Phoenix PONSlong	+0.1714%	1h	0.6199	long leg	$47K	$159K	3x