PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0193%/8h= −21.2% APRnext payment −$0.24 per $10,000 · paid last 24h +0.021%

Price spread now: Hyperliquid against Polymarket Perps+0.036%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Polymarket Perps Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 7 days−0.009%−$1 · spread now +0.036%, 7d avg +0.067%

Together, before fees−0.103%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Hyperliquid is 0.032% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.067%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.094% in total (about -4.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 per $10,000. 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	0.5971	0.0908	pay 0.0113% / 1h	31m 27s	$66K	$1.6M	3x
Short	Hyperliquid PONS	0.5973	0.0715	get 0.0089% / 1h	31m 27s	$60.8M	$27.8M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$40.62
Price spread: +0.036% → +0.067%: −$3.2
Slippage, 4 orders: −$18.94
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$79.76
Costs to cover: 0.359%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	0.92 bp	4.9 bp −$5	7.2 bp −$72	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	2.11 bp	10.7 bp −$11	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 −0.0032%	1h	0.5962	−0.144%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.027%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5972	+0.015%	$20K	$435K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5970	−0.018%	$5.3M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6004	+0.549%	$34K	$349K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5975	+0.069%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5995	+0.400%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5982	+0.191%	$26K	$528K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6010	+0.650%	$65K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5978	+0.116%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PONS	+0.0104%	1h	0.5988	+0.280%	$1.6M	$884K	3x	as long as short
Variational Omni PONS	+0.0223%	4h	0.5936	−0.580%	$1.4M	$4.0M	—	as long as short
Aevo PONS-PERP	+0.0224%	1h	0.5982	+0.191%	$373	—	3x	as long as short
Nado PONS-PERP	+0.0225%	1h	0.5973	+0.034%	$70K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0304%	4h	0.5968	−0.052%	$13.6M	$54.7M	20x	as long as short
Lighter RH PONS	+0.0344%	1h	0.5988	+0.281%	$402K	$2.5M	3x	as long as short
Aster PONSUSDT	+0.0437%	4h	0.5982	+0.188%	$1.1M	$2.1M	20x	as long as short
Bybit PONSUSDT	+0.0448%	4h	0.5966	−0.085%	$17.8M	$30.8M	20x	as long as short
Bitget PONSUSDT	+0.0454%	4h	0.5974	+0.044%	$4.6M	$11.5M	20x	as long as short
BingX PONS-USDT	+0.0526%	4h	0.5970	−0.018%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0559%	4h	0.5950	−0.361%	$18K	$293K	10x	as long as short
MEXC PONS_USDT	+0.0564%	4h	0.5974	+0.049%	$7.6M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0568%	1h	0.5982	+0.189%	$107K	$809K	5x	as long as short
Binance PONSUSDT	+0.0572%	4h	0.5970	−0.018%	$39.2M	$94.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0626%	4h	0.5973	+0.028%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONSshort	+0.0715%	1h	0.5973	+0.036%	$60.8M	$27.8M	3x
BloFin PONS-USDT	+0.0796%	4h	0.5993	+0.367%	$1.7M	$956K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5987	+0.266%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USDlong	+0.0908%	1h	0.5971	long leg	$66K	$1.6M	3x
Phoenix PONS	+0.1736%	1h	0.5990	+0.315%	$31K	$104K	3x	as long as short