Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.142%

Price spread now: Lighter RH against Popdex−0.103%7-day average +0.017% · 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−$232as in the Price arb table

costs, in and out, $10k−$2202.197% of the position

Long on Popdex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.439%+$44 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.103%, 7d avg +0.017%

Together, before fees+0.507%+ Points / potential airdropLighter RH: Points live · farm board+$51 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: Lighter RH is 0.120% cheaper against Popdex than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.5911	0.0096	pay 0.0012% / 1h	0m 23s	$21K	$417K	20x
Short	Lighter RH PONS	0.5905	0.0096	get 0.0012% / 1h	0m 23s	$416K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.103%Rate

Funding earned: $0
Price spread: −0.103% → +0.017%: −$11.99
Slippage, 4 orders: −$213.27
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$231.66
Costs to cover: 2.197%
Break-even: never at this rate

Slippage from Popdex: live order book, 53 min ago; Lighter RH: 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, 53 min ago	6.36 bp	81.2 bp −$81	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	5.32 bp	9.8 bp −$10	63.8 bp −$638	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 −0.0032%	1h	0.5900	−0.194%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.990%	$614	$10K	5.5x	as long as short
Lighter RH PONSshort	+0.0096%	1h	0.5905	−0.103%	$416K	$2.6M	3x
Popdex PONSUSDTlong	+0.0096%	1h	0.5911	long leg	$21K	$417K	20x
Nado PONS-PERP	+0.0100%	1h	0.5910	−0.017%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5909	−0.034%	$5.2M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5930	+0.325%	$34K	$337K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5916	+0.085%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5908	−0.054%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5910	−0.019%	$25K	$543K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5930	+0.320%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5914	+0.051%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5901	−0.177%	$368	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0370%	4h	0.5908	−0.051%	$13.4M	$54.5M	20x	as long as short
Lighter PONS	+0.0456%	1h	0.5908	−0.056%	$1.6M	$897K	3x	as long as short
Hyperliquid PONS	+0.0459%	1h	0.5908	−0.042%	$59.9M	$28.9M	3x	as long as short
Variational Omni PONS	+0.0495%	4h	0.5904	−0.119%	$1.4M	$4.1M	—	as long as short
Aster PONSUSDT	+0.0503%	4h	0.5907	−0.064%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0546%	4h	0.5910	−0.008%	$4.6M	$11.7M	20x	as long as short
Extended PONS-USD	+0.0608%	1h	0.5910	−0.010%	$106K	$807K	5x	as long as short
Binance PONSUSDT	+0.0610%	4h	0.5912	+0.017%	$38.7M	$94.6M	20x	as long as short
MEXC PONS_USDT	+0.0612%	4h	0.5911	0.000%	$7.5M	$4.8M	20x	as long as short
edgeX PONSUSDC	+0.0614%	4h	0.5928	+0.288%	$18K	$294K	10x	as long as short
Polymarket Perps PONS-USD	+0.0735%	1h	0.5909	−0.030%	$81K	$1.7M	3x	as long as short
KuCoin PONSUSDTM	+0.0748%	4h	0.5912	+0.024%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0782%	4h	0.5911	0.000%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0814%	4h	0.5907	−0.068%	$17.7M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0854%	4h	0.5911	0.000%	$1.7M	$941K	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.5908	−0.043%	$46K	$68K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.5931	+0.342%	$45K	$109K	3x	as long as short