Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0381%/8h= −41.7% APRpaid last 24h −0.011%

Price spread now: BingX against Polymarket Perps+0.090%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on Polymarket Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 4 days (all we have)−0.661%−$66 · spread now +0.090%, 7d avg −0.004%

Together, before fees−0.572%−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.094% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.090% now, against its 7-day average of −0.004%): +$9 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 20 hours. Mind the row above: over the last 7 days funding on this pair paid +0.089%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.089% in total (about 4.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps PONS-USD	0.5977	0.0909	pay 0.0114% / 1h	30m 08s	$66K	$1.6M	3x
Short	BingX PONS-USDT	0.5982	0.0528	get 0.0264% / 4h	30m 08s	—	$3.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Polymarket Perps. 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 Polymarket PerpsbpFee BingXbpOrdersPrice spread, now +0.090%Rate

Funding earned: −$79.97
Price spread: +0.090% → −0.004%: $9.39
Slippage, 4 orders: −$14.85
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$103.42
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; BingX: live order book, 4 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 Polymarket Perps live order book, 3 min ago	0.92 bp	4.9 bp −$5	7.2 bp −$72	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	0.84 bp	10.0 bp −$10	36.1 bp −$361	157.8 bp −$15.8K	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 +0.0033% / S −0.0032%	1h	0.5959	−0.287%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.119%	$614	$10K	5.5x	as long as short
Lighter PONS	+0.0096%	1h	0.5968	−0.139%	$1.6M	$884K	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5976	−0.010%	$20K	$435K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5972	−0.077%	$5.3M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6004	+0.457%	$34K	$349K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5974	−0.044%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5966	−0.176%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5968	−0.144%	$26K	$531K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5980	+0.050%	$65K	$512K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5967	−0.161%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0215%	4h	0.5965	−0.186%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0224%	1h	0.5970	−0.116%	$372	—	3x	as long as short
Nado PONS-PERP	+0.0230%	1h	0.5977	+0.007%	$70K	$129K	5x	as long as short
Lighter RH PONS	+0.0296%	1h	0.5970	−0.115%	$401K	$2.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0300%	4h	0.5980	+0.057%	$13.6M	$54.7M	20x	as long as short
Aster PONSUSDT	+0.0430%	4h	0.5975	−0.022%	$1.1M	$2.1M	20x	as long as short
Bybit PONSUSDT	+0.0458%	4h	0.5969	−0.127%	$17.8M	$30.8M	20x	as long as short
Bitget PONSUSDT	+0.0458%	4h	0.5980	+0.062%	$4.6M	$11.5M	20x	as long as short
BingX PONS-USDTshort	+0.0528%	4h	0.5982	+0.090%	—	$3.0M	—
edgeX PONSUSDC	+0.0559%	4h	0.5950	−0.453%	$18K	$293K	10x	as long as short
Extended PONS-USD	+0.0568%	1h	0.5968	−0.137%	$107K	$809K	5x	as long as short
MEXC PONS_USDT	+0.0570%	4h	0.5973	−0.060%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0572%	4h	0.5971	−0.094%	$39.2M	$94.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0634%	4h	0.5966	−0.176%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONS	+0.0711%	1h	0.5983	+0.112%	$60.9M	$27.9M	3x	as long as short
BloFin PONS-USDT	+0.0812%	4h	0.5970	−0.110%	$1.7M	$953K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5984	+0.125%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USDlong	+0.0909%	1h	0.5977	long leg	$66K	$1.6M	3x
Phoenix PONS	+0.1736%	1h	0.5990	+0.223%	$31K	$104K	3x	as long as short