PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0609%/8h= −66.7% APRnext payment −$0.76 per $10,000 · paid last 24h +0.083%

Price spread now: Lighter against Polymarket Perps−0.070%7-day average +0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Polymarket Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 7 days−0.042%−$4 · spread now −0.070%, 7d avg +0.067%

Together, before fees+0.326%+ Points / potential airdropLighter: Season 3 · farm board+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Lighter is 0.138% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.067%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.368%, 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 0.368% in total (about 19.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.76 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	0.5996	0.0793	pay 0.0099% / 1h	41m 58s	$49K	$1.6M	3x
Short	Lighter PONS	0.5992	0.0184	get 0.0023% / 1h	41m 58s	$1.7M	$874K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$127.88
Price spread: −0.070% → +0.067%: −$13.75
Slippage, 4 orders: −$23.74
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$173.37
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Lighter: 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, 2 min ago	2.16 bp	7.8 bp −$8	8.3 bp −$83	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	7.48 bp	8.4 bp −$8	20.1 bp −$201	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	0.5982	−0.228%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.444%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6002	+0.098%	$20K	$424K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5979	−0.289%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5996	−0.007%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5993	−0.053%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5992	−0.070%	$26K	$516K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6004	+0.138%	$64K	$507K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5992	−0.068%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0105%	4h	0.5961	−0.586%	$1.4M	$3.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0120%	1h	0.5992	−0.070%	$419K	$2.5M	3x	as long as short
Lighter PONSshort	+0.0184%	1h	0.5992	−0.070%	$1.7M	$874K	3x
Aevo PONS-PERP	+0.0200%	1h	0.5994	−0.041%	$373	—	3x	as long as short
Nado PONS-PERP	+0.0241%	1h	0.5999	+0.056%	$70K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0286%	4h	0.5983	−0.218%	$13.7M	$54.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0348%	4h	0.5986	−0.175%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0388%	4h	0.5987	−0.155%	$4.7M	$11.2M	20x	as long as short
Aster PONSUSDT	+0.0429%	4h	0.5990	−0.109%	$1.1M	$2.0M	20x	as long as short
Gate PONS_USDT	+0.0460%	4h	0.5986	−0.168%	$5.2M	$6.2M	20x	as long as short
MEXC PONS_USDT	+0.0470%	4h	0.5984	−0.202%	$7.6M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0479%	4h	0.5984	−0.199%	$18K	$295K	10x	as long as short
Binance PONSUSDT	+0.0479%	4h	0.5985	−0.185%	$39.2M	$93.8M	20x	as long as short
Extended PONS-USD	+0.0480%	1h	0.5984	−0.194%	$248K	$670K	5x	as long as short
BingX PONS-USDT	+0.0480%	4h	0.5986	−0.168%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0491%	4h	0.5983	−0.218%	$17.9M	$30.3M	20x	as long as short
BloFin PONS-USDT	+0.0711%	4h	0.6008	+0.198%	$1.8M	$957K	20x	as long as short
Hyperliquid PONS	+0.0717%	1h	0.5991	−0.082%	$61.1M	$27.8M	3x	as long as short
Pacifica PONS	+0.0755%	1h	0.6006	+0.159%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USDlong	+0.0793%	1h	0.5996	long leg	$49K	$1.6M	3x
Phoenix PONS	+0.1639%	1h	0.5984	−0.203%	$31K	$98K	3x	as long as short