Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.120%

Price spread now: Bitget against Popdex−0.019%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$248as in the Price arb table

costs, in and out, $10k−$2442.435% of the position

Long on Popdex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.393%+$39 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.019%, 7d avg +0.023%

Together, before fees+0.452%+$45 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.042% cheaper against Popdex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.5920	0.0096	pay 0.0012% / 1h	55m 53s	$21K	$459K	20x
Short	Bitget PONSUSDT	0.5919	0.0100	get 0.0050% / 4h	2h 55m	$4.6M	$11.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Popdex. 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 PopdexbpFee BitgetbpOrdersPrice spread, now −0.019%Rate

Funding earned: $0.84
Price spread: −0.019% → +0.023%: −$4.2
Slippage, 4 orders: −$225.11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$246.87
Costs to cover: 2.435%
Break-even: 2064.2 days

Slippage from Popdex: live order book, 33 min ago; Bitget: 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 Popdex live order book, 33 min ago	7.52 bp	104.3 bp −$104	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.77 bp	16.5 bp −$16	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 +0.0032% / S −0.0034%	1h	0.5918	−0.037%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	−0.007%	$609	$6K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.5920	long leg	$21K	$459K	20x
Bybit PONSUSDT	+0.0100%	4h	0.5919	−0.017%	$18.0M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5929	+0.152%	$13.6M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5919	−0.017%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDTshort	+0.0100%	4h	0.5919	−0.019%	$4.6M	$11.6M	20x
Variational Omni PONS	+0.0100%	4h	0.5963	+0.719%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5963	+0.733%	$34K	$326K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5929	+0.149%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5924	+0.068%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5920	+0.005%	$27K	$535K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5938	+0.304%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5922	+0.034%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5926	+0.101%	$369	—	3x	as long as short
Lighter RH PONS	+0.0152%	1h	0.5922	+0.027%	$398K	$2.6M	3x	as long as short
Binance PONSUSDT	+0.0182%	4h	0.5920	+0.004%	$38.6M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5918	−0.028%	$106K	$529K	5x	as long as short
BingX PONS-USDT	+0.0188%	4h	0.5921	+0.017%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0190%	4h	0.5918	−0.034%	$7.8M	$5.1M	20x	as long as short
edgeX PONSUSDC	+0.0206%	4h	0.5961	+0.691%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0250%	4h	0.5919	−0.017%	$1.1M	$2.2M	20x	as long as short
Gate PONS_USDT	+0.0306%	4h	0.5921	+0.017%	$5.2M	$6.7M	20x	as long as short
Polymarket Perps PONS-USD	+0.0314%	1h	0.5921	+0.010%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0431%	4h	0.5934	+0.236%	$1.7M	$988K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5928	+0.130%	$47K	$102K	3x	as long as short
Nado PONS-PERP	+0.0520%	1h	0.5925	+0.079%	$90K	$103K	5x	as long as short
Hyperliquid PONS	+0.0744%	1h	0.5922	+0.037%	$59.3M	$29.7M	3x	as long as short
Lighter PONS	+0.1016%	1h	0.5927	+0.111%	$1.7M	$879K	3x	as long as short
Phoenix PONS	+0.1232%	1h	0.5931	+0.193%	$27K	$86K	3x	as long as short