Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1595%/8h= −174.7% APRpaid last 24h −0.383%

Price spread now: SunX against Phoenix+0.036%69s7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$485as 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−$2812.810% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.041%−$204 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now +0.036%, 7d avg +0.053%

Together, before fees−1.989%−$199 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.053%, so right now this pair is about funding alone: −$48 a day on $10k at the current rate. The two prices were read 69 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	0.6038	0.1695	pay 0.0212% / 1h	29m 39s	$31K	$107K	3x
Short	SunX PONS-USDT	0.6040	0.0100	get 0.0050% / 4h	2h 29m	—	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$335.04
Price spread: +0.036% → +0.053%: −$1.63
Slippage, 4 orders: −$265.95
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$617.63
Costs to cover: 2.810%
Break-even: never at this rate

Slippage from Phoenix: live order book, 12 min ago; SunX: 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, 12 min ago	3.31 bp	16.5 bp −$16	51.7 bp −$517	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	104.63 bp	124.4 bp −$124	doesn't fit	doesn't fit	doesn't fit

PONS on 29 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 −0.0033%	1h	0.6029	−0.146%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.126%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6026	−0.190%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6043	+0.084%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6038	+0.010%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6042	+0.075%	$2K	$3K	10x	as long as short
SunX PONS-USDTshort	+0.0100%	4h	0.6040	+0.036%	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6044	+0.113%	$26K	$518K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6044	+0.108%	$64K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6044	+0.108%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0184%	1h	0.6036	−0.025%	$376	—	3x	as long as short
Lighter RH PONS	+0.0208%	1h	0.6038	+0.007%	$423K	$2.5M	3x	as long as short
KuCoin PONSUSDTM	+0.0210%	4h	0.6030	−0.123%	$1.7M	$3.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0220%	4h	0.6026	−0.190%	$13.8M	$55.0M	20x	as long as short
Bybit PONSUSDT	+0.0238%	4h	0.6023	−0.240%	$18.1M	$30.5M	20x	as long as short
Nado PONS-PERP	+0.0244%	1h	0.6036	−0.028%	$71K	$131K	5x	as long as short
Lighter PONS	+0.0296%	1h	0.6039	+0.023%	$1.7M	$884K	3x	as long as short
Bitget PONSUSDT	+0.0302%	4h	0.6030	−0.129%	$4.7M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0369%	4h	0.6040	+0.045%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0390%	4h	0.6030	−0.124%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0408%	1h	0.6029	−0.135%	$250K	$674K	5x	as long as short
MEXC PONS_USDT	+0.0408%	4h	0.6034	−0.058%	$7.7M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0409%	4h	0.6031	−0.103%	$39.5M	$95.1M	20x	as long as short
edgeX PONSUSDC	+0.0414%	4h	0.6038	+0.012%	$21K	$294K	10x	as long as short
Gate PONS_USDT	+0.0530%	4h	0.6028	−0.157%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0690%	1h	0.6038	0.000%	$61.4M	$28.2M	3x	as long as short
Polymarket Perps PONS-USD	+0.0742%	1h	0.6039	+0.030%	$45K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6032	−0.097%	$48K	$75K	3x	as long as short
Phoenix PONSlong	+0.1695%	1h	0.6038	long leg	$31K	$107K	3x