Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0688%/8h= −75.4% APRpaid last 24h −0.134%

Price spread now: Phemex against Polymarket Perps−0.077%46s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$140as 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−$880.878% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.518%−$52 on $10k

Price spread, last 3 days (all we have)+0.172%+$17 · spread now −0.077%, 7d avg −0.003%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Phemex is 0.074% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.003%). Swap the legs. The two prices were read 46 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	0.6089	0.0788	pay 0.0099% / 1h	40m 19s	$43K	$1.6M	3x
Short	Phemex PONSUSDT	0.6084	0.0100	get 0.0050% / 4h	3h 40m	$1.7M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$144.53
Price spread: −0.077% → −0.003%: −$7.42
Slippage, 4 orders: −$67.81
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$239.75
Costs to cover: 0.878%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Phemex: live order book, 3 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	2.88 bp	6.9 bp −$7	7.2 bp −$72	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.65 bp	39.1 bp −$39	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	0.6084	−0.080%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.958%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6081	−0.128%	$431K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6091	+0.038%	$20K	$416K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6080	−0.150%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6068	−0.335%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6095	+0.102%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6090	+0.026%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6095	+0.103%	$28K	$552K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6100	+0.194%	$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 PONSUSDTshort	+0.0100%	4h	0.6084	−0.077%	$1.7M	$3.3M	20x
OKX PONS-USDT-SWAP	+0.0118%	4h	0.6095	+0.103%	$13.8M	$57.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0162%	4h	0.6084	−0.077%	$1.8M	$3.8M	20x	as long as short
Aevo PONS-PERP	+0.0168%	1h	0.6091	+0.044%	$379	—	3x	as long as short
Bitget PONSUSDT	+0.0206%	4h	0.6099	+0.174%	$4.7M	$11.6M	20x	as long as short
Aster PONSUSDT	+0.0218%	4h	0.6085	−0.058%	$1.1M	$2.2M	20x	as long as short
Gate PONS_USDT	+0.0322%	4h	0.6078	−0.176%	$5.3M	$6.2M	20x	as long as short
MEXC PONS_USDT	+0.0332%	4h	0.6091	+0.038%	$7.9M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0333%	4h	0.6091	+0.038%	$39.9M	$97.5M	20x	as long as short
edgeX PONSUSDC	+0.0333%	4h	0.6078	−0.184%	$21K	$292K	10x	as long as short
Extended PONS-USD	+0.0336%	1h	0.6095	+0.099%	$252K	$683K	5x	as long as short
Lighter PONS	+0.0464%	1h	0.6082	−0.105%	$1.7M	$896K	3x	as long as short
BloFin PONS-USDT	+0.0573%	4h	0.6088	−0.011%	$1.7M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0584%	1h	0.6084	−0.072%	$105K	$116K	5x	as long as short
Bybit PONSUSDT	+0.0660%	4h	0.6090	+0.021%	$18.3M	$31.1M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6083	−0.087%	$48K	$87K	3x	as long as short
BingX PONS-USDT	+0.0740%	4h	0.6099	+0.169%	—	$3.1M	—	as long as short
Polymarket Perps PONS-USDlong	+0.0788%	1h	0.6089	long leg	$43K	$1.6M	3x
Hyperliquid PONS	+0.0936%	1h	0.6091	+0.039%	$61.9M	$29.8M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6085	−0.069%	$31K	$113K	3x	as long as short