Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h +0.104%

Price spread now: edgeX against Popdex−0.151%59s7-day average −0.006% · 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−$2502.504% of the position

Long on Popdex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.314%+$31 on $10k

Price spread, last 3 days (all we have)+0.321%+$32 · spread now −0.151%, 7d avg −0.006%

Together, before fees+0.636%+ Points / potential airdropedgeX: Active · farm board+$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.145% cheaper against Popdex than usual: you would sell low and buy high (spread −0.151% now, against its 7-day average of −0.006%). If the spread goes back, that is −$14 on $10k: about 5.3 days of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.314% in total) that is about 37 hours. The two prices were read 59 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	0.5908	0.0096	pay 0.0012% / 1h	30m 30s	$21K	$447K	20x
Short	edgeX PONSUSDC	0.5899	0.0186	get 0.0093% / 4h	2h 30m	$21K	$294K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.151%Rate

Funding earned: $18.98
Price spread: −0.151% → −0.006%: −$14.48
Slippage, 4 orders: −$235.02
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$245.92
Costs to cover: 2.504%
Break-even: 97.7 days

Slippage from Popdex: live order book, 58 min ago; edgeX: live order book, 57 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, 58 min ago	7.52 bp	104.3 bp −$104	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 57 min ago	11.84 bp	20.7 bp −$21	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	0.5900	−0.128%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.196%	$609	$6K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.5908	long leg	$21K	$447K	20x
Bybit PONSUSDT	+0.0100%	4h	0.5903	−0.085%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5905	−0.051%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5901	−0.110%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5909	+0.020%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5865	−0.723%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5896	−0.198%	$34K	$332K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5914	+0.107%	$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	0.5907	−0.019%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5907	−0.012%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5914	+0.095%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5898	−0.169%	$1.7M	$3.3M	20x	as long as short
Nado PONS-PERP	+0.0120%	1h	0.5908	+0.006%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5906	−0.027%	$368	—	3x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5909	+0.014%	$105K	$533K	5x	as long as short
Binance PONSUSDT	+0.0176%	4h	0.5905	−0.051%	$38.3M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0176%	4h	0.5907	−0.017%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5903	−0.085%	—	$3.1M	—	as long as short
edgeX PONSUSDCshort	+0.0186%	4h	0.5899	−0.151%	$21K	$294K	10x
Aster PONSUSDT	+0.0215%	4h	0.5904	−0.063%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0334%	1h	0.5906	−0.034%	$38K	$1.8M	3x	as long as short
Gate PONS_USDT	+0.0396%	4h	0.5904	−0.068%	$5.2M	$6.8M	20x	as long as short
BloFin PONS-USDT	+0.0416%	4h	0.5905	−0.051%	$1.7M	$969K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5908	−0.006%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0536%	1h	0.5908	+0.002%	$59.0M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0608%	1h	0.5911	+0.051%	$395K	$2.6M	3x	as long as short
Lighter PONS	+0.1136%	1h	0.5912	+0.071%	$1.7M	$882K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5899	−0.152%	$27K	$86K	3x	as long as short