Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1175%/8h= −128.7% APRpaid last 24h −0.317%

Price spread now: Variational Omni against Phoenix−1.025%7-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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Variational Omni is 1.025% cheaper against Phoenix than usual: you would sell low and buy high (−$102 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.5873	0.1275	pay 0.0159% / 1h	45m 01s	$27K	$86K	3x
Short	Variational Omni PONS	0.5813	0.0100	get 0.0050% / 4h	2h 45m	$1.3M	$4.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −1.025%Rate

Funding earned: −$246.85
Price spread: −1.025% → 0.000%: −$102.45
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$356.3
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 4 min ago. 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 Variational Omni RFQ quote, 4 min ago	6.81 bp	doesn't fit	47.6 bp −$476	doesn't fit	doesn't fit

Phoenix: 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	0.5801	−1.237%	$213K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.790%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5811	−1.059%	$391K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5806	−1.144%	$21K	$453K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5800	−1.246%	$17.5M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5801	−1.229%	$13.3M	$55.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5804	−1.182%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5801	−1.233%	$4.5M	$11.7M	20x	as long as short
Variational Omni PONSshort	+0.0100%	4h	0.5813	−1.025%	$1.3M	$4.3M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.5877	+0.070%	$34K	$328K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5806	−1.136%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5809	−1.093%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5808	−1.117%	$26K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5809	−1.085%	$63K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5815	−0.991%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0112%	1h	0.5800	−1.246%	$361	—	3x	as long as short
Binance PONSUSDT	+0.0135%	4h	0.5806	−1.144%	$37.8M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0136%	1h	0.5803	−1.188%	$104K	$532K	5x	as long as short
MEXC PONS_USDT	+0.0150%	4h	0.5807	−1.127%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0164%	4h	0.5809	−1.093%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0172%	4h	0.5804	−1.174%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0174%	4h	0.5857	−0.270%	$20K	$294K	10x	as long as short
Nado PONS-PERP	+0.0181%	1h	0.5802	−1.206%	$88K	$103K	5x	as long as short
Gate PONS_USDT	+0.0240%	4h	0.5811	−1.059%	$5.1M	$6.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0296%	1h	0.5807	−1.131%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0375%	4h	0.5807	−1.127%	$1.7M	$954K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5797	−1.305%	$46K	$102K	3x	as long as short
Hyperliquid PONS	+0.0526%	1h	0.5807	−1.122%	$57.9M	$30.0M	3x	as long as short
Lighter PONS	+0.0672%	1h	0.5815	−0.994%	$1.7M	$880K	3x	as long as short
Phoenix PONSlong	+0.1275%	1h	0.5873	long leg	$27K	$86K	3x