Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0389%/8h= −42.6% APRpaid last 24h −0.045%

Price spread now: edgeX against Polymarket Perps−0.184%64s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as 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−$530.535% of the position

Long on Polymarket Perps Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.129%+$13 · spread now −0.184%, 7d avg −0.016%

Together, before fees+0.075%+ Points / potential airdropedgeX: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and edgeX is 0.168% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.016%). Swap the legs. The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.054% in total (about -2.8% 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	0.6093	0.0768	pay 0.0096% / 1h	15m 36s	$45K	$1.6M	3x
Short	edgeX PONSUSDC	0.6082	0.0379	get 0.0190% / 4h	3h 15m	$21K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.184%Rate

Funding earned: −$81.68
Price spread: −0.184% → −0.016%: −$16.8
Slippage, 4 orders: −$36.46
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$151.95
Costs to cover: 0.535%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; edgeX: live order book, 57 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	2.46 bp	7.1 bp −$7	7.4 bp −$74	doesn't fit	doesn't fit
Sell edgeX live order book, 57 min ago	11.48 bp	20.0 bp −$20	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 +0.0033% / S −0.0033%	1h	0.6082	−0.181%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.027%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6095	+0.033%	$429K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6091	−0.033%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6089	−0.073%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6093	+0.007%	$33K	$358K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6099	+0.092%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6102	+0.153%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6093	+0.008%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6094	+0.018%	$65K	$510K	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	0.6093	0.000%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6095	+0.033%	$380	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0186%	4h	0.6101	+0.131%	$13.9M	$56.5M	20x	as long as short
KuCoin PONSUSDTM	+0.0200%	4h	0.6100	+0.112%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0266%	4h	0.6102	+0.149%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0293%	4h	0.6096	+0.054%	$1.1M	$2.1M	20x	as long as short
MEXC PONS_USDT	+0.0364%	4h	0.6100	+0.115%	$7.9M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0368%	1h	0.6098	+0.084%	$252K	$678K	5x	as long as short
Binance PONSUSDT	+0.0374%	4h	0.6097	+0.068%	$40.1M	$96.3M	20x	as long as short
edgeX PONSUSDCshort	+0.0379%	4h	0.6082	−0.184%	$21K	$293K	10x
Lighter PONS	+0.0416%	1h	0.6096	+0.043%	$1.7M	$933K	3x	as long as short
BingX PONS-USDT	+0.0560%	4h	0.6103	+0.164%	—	$3.1M	—	as long as short
BloFin PONS-USDT	+0.0604%	4h	0.6096	+0.049%	$1.8M	$990K	20x	as long as short
Bybit PONSUSDT	+0.0609%	4h	0.6100	+0.115%	$18.3M	$30.9M	20x	as long as short
Nado PONS-PERP	+0.0614%	1h	0.6097	+0.066%	$105K	$115K	5x	as long as short
Pacifica PONS	+0.0665%	1h	0.6099	+0.101%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USDlong	+0.0768%	1h	0.6093	long leg	$45K	$1.6M	3x
Gate PONS_USDT	+0.0830%	4h	0.6093	0.000%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONS	+0.0868%	1h	0.6098	+0.075%	$62.0M	$29.1M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6094	+0.011%	$32K	$113K	3x	as long as short