Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.021%

Price spread now: BloFin against Polymarket Perps−0.170%45s7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as 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−$360.356% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.401%+$40 on $10k

Price spread, last 4 days (all we have)+0.357%+$36 · spread now −0.170%, 7d avg +0.031%

Together, before fees+0.759%+$76 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.201% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.170% now, against its 7-day average of +0.031%). If the spread goes back, that is −$20 on $10k: about 12 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.401% in total) that is about 3.5 days. The two prices were read 45 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	Polymarket Perps PONS-USD	0.5890	0.0781	pay 0.0098% / 1h	37m 40s	$115K	$1.7M	3x
Short	BloFin PONS-USDT	0.5880	0.0835	get 0.0418% / 4h	2h 37m	$1.7M	$936K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now −0.170%Rate

Funding earned: $11.28
Price spread: −0.170% → +0.031%: −$20.05
Slippage, 4 orders: −$15.63
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$44.41
Costs to cover: 0.356%
Break-even: 34.6 days

Slippage from Polymarket Perps: live order book, 1 min ago; BloFin: 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 Polymarket Perps live order book, 1 min ago	3.23 bp	7.2 bp −$7	7.5 bp −$75	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	2.53 bp	11.9 bp −$12	27.4 bp −$274	114.6 bp −$11.5K	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	0.5882	−0.137%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.350%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5900	+0.168%	$417K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5889	−0.017%	$21K	$418K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5888	−0.034%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5896	+0.102%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5907	+0.292%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5892	+0.036%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5886	−0.063%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5892	+0.027%	$25K	$547K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5909	+0.331%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5897	+0.119%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5878	−0.206%	$366	—	3x	as long as short
Hyperliquid PONS	+0.0240%	1h	0.5899	+0.157%	$60.0M	$29.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0369%	4h	0.5910	+0.340%	$13.4M	$54.7M	20x	as long as short
Aster PONSUSDT	+0.0472%	4h	0.5895	+0.092%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0551%	4h	0.5915	+0.426%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0560%	4h	0.5900	+0.166%	$4.7M	$11.8M	20x	as long as short
Lighter PONS	+0.0576%	1h	0.5900	+0.178%	$1.6M	$886K	3x	as long as short
Extended PONS-USD	+0.0592%	1h	0.5898	+0.129%	$105K	$807K	5x	as long as short
MEXC PONS_USDT	+0.0592%	4h	0.5901	+0.187%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0592%	4h	0.5907	+0.284%	$38.6M	$94.9M	20x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.5923	+0.565%	$20K	$294K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5906	+0.265%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0736%	4h	0.5906	+0.267%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USDlong	+0.0781%	1h	0.5890	long leg	$115K	$1.7M	3x
BingX PONS-USDT	+0.0791%	4h	0.5901	+0.187%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0810%	4h	0.5911	+0.357%	$17.7M	$31.0M	20x	as long as short
BloFin PONS-USDTshort	+0.0835%	4h	0.5880	−0.170%	$1.7M	$936K	20x
Phoenix PONS	+0.1719%	1h	0.5922	+0.537%	$45K	$121K	3x	as long as short