Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0853%/8h= +93.4% APRpaid last 24h +0.182%

Price spread now: BloFin against Popdex−0.142%100s7-day average +0.026% · 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—prices read too far apart to compare

costs, in and out, $10k−$2722.720% of the position

Long on Popdex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.639%+$64 on $10k

Price spread, last 4 days (all we have)+0.640%+$64 · spread now −0.142%, 7d avg +0.026%

Together, before fees+1.279%+$128 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.168% cheaper against Popdex than usual: you would sell low and buy high (spread −0.142% now, against its 7-day average of +0.026%). If the spread goes back, that is −$17 on $10k: about 16 hours of funding at the current rate (+$26 a day). The two prices were read 100 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	Popdex PONSUSDT	0.6352	0.0096	pay 0.0012% / 1h	15m 22s	$24K	$418K	20x
Short	BloFin PONS-USDT	0.6343	0.0949	get 0.0474% / 4h	3h 15m	$1.8M	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.142%Rate

Funding earned: $179.11
Price spread: −0.142% → +0.026%: −$16.77
Slippage, 4 orders: −$253.57
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$109.63
Costs to cover: 2.720%
Break-even: 11.3 days

Slippage from Popdex: live order book, 18 min ago; BloFin: live order book, 2 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, 18 min ago	15.94 bp	129.4 bp −$129	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	7.09 bp	15.9 bp −$16	38.7 bp −$387	119.4 bp −$11.9K	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 −0.0030%	1h	0.6341	−0.169%	$249K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.510%	$610	$10K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.6352	long leg	$24K	$418K	20x
Nado PONS-PERP	+0.0100%	1h	0.6349	−0.050%	$74K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6330	−0.354%	$32K	$289K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6349	−0.044%	$74K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6366	+0.214%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6344	−0.129%	—	$1.1M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6347	−0.079%	$27K	$623K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6337	−0.239%	$67K	$528K	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	0.6341	−0.173%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0256%	1h	0.6363	+0.168%	$396	—	3x	as long as short
Hyperliquid PONS	+0.0338%	1h	0.6350	−0.030%	$65.0M	$30.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0461%	4h	0.6358	+0.094%	$14.6M	$61.3M	20x	as long as short
Aster PONSUSDT	+0.0474%	4h	0.6355	+0.055%	$1.1M	$2.2M	20x	as long as short
Lighter RH PONS	+0.0512%	1h	0.6354	+0.031%	$433K	$2.7M	3x	as long as short
KuCoin PONSUSDTM	+0.0512%	4h	0.6355	+0.052%	$1.7M	$4.1M	20x	as long as short
Lighter PONS	+0.0600%	1h	0.6349	−0.049%	$1.8M	$872K	3x	as long as short
Variational Omni PONS	+0.0641%	4h	0.6344	−0.125%	$1.6M	$4.5M	—	as long as short
MEXC PONS_USDT	+0.0708%	4h	0.6355	+0.047%	$8.0M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0712%	1h	0.6350	−0.026%	$106K	$815K	5x	as long as short
Binance PONSUSDT	+0.0717%	4h	0.6359	+0.116%	$42.0M	$103.5M	20x	as long as short
edgeX PONSUSDC	+0.0719%	4h	0.6340	−0.183%	$21K	$293K	10x	as long as short
Bitget PONSUSDT	+0.0746%	4h	0.6350	−0.025%	$5.1M	$13.2M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6353	+0.024%	$48K	$77K	3x	as long as short
BloFin PONS-USDTshort	+0.0949%	4h	0.6343	−0.142%	$1.8M	$1.1M	20x
BingX PONS-USDT	+0.1072%	4h	0.6355	+0.047%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1217%	4h	0.6355	+0.047%	$19.4M	$33.2M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6336	−0.258%	$48K	$159K	3x	as long as short
Gate PONS_USDT	+0.2520%	4h	0.6346	−0.094%	$5.5M	$6.5M	20x	as long as short