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 +0.001%

Price spread now: Phemex against Popdex−0.102%7-day average −0.007% · 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−$300as in the Price arb table

costs, in and out, $10k−$2912.910% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.329%+$33 · spread now −0.102%, 7d avg −0.007%

Together, before fees+0.350%+$35 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: Phemex is 0.094% cheaper against Popdex than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.5907	0.0096	pay 0.0012% / 1h	28m 26s	$21K	$447K	20x
Short	Phemex PONSUSDT	0.5901	0.0100	get 0.0050% / 4h	2h 28m	$1.7M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Popdex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpOrdersPrice spread, now −0.102%Rate

Funding earned: $0.84
Price spread: −0.102% → −0.007%: −$9.45
Slippage, 4 orders: −$272.59
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$299.6
Costs to cover: 2.910%
Break-even: 2503.7 days

Slippage from Popdex: live order book, 60 min ago; Phemex: live order book, 5 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, 60 min ago	7.52 bp	104.3 bp −$104	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.85 bp	37.0 bp −$37	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	0.5895	−0.196%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.213%	$609	$6K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.5907	long leg	$21K	$447K	20x
Bybit PONSUSDT	+0.0100%	4h	0.5907	0.000%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5903	−0.068%	$13.5M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5907	+0.003%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5906	−0.017%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5903	−0.064%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5903	−0.071%	$34K	$332K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5914	+0.117%	$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	0.5909	+0.032%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5907	+0.008%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5915	+0.134%	$64K	$504K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.5901	−0.102%	$1.7M	$3.3M	20x
Nado PONS-PERP	+0.0108%	1h	0.5910	+0.049%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5907	−0.001%	$368	—	3x	as long as short
MEXC PONS_USDT	+0.0180%	4h	0.5906	−0.017%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5898	−0.152%	—	$3.1M	—	as long as short
Extended PONS-USD	+0.0184%	1h	0.5908	+0.023%	$105K	$533K	5x	as long as short
Binance PONSUSDT	+0.0185%	4h	0.5900	−0.111%	$38.3M	$98.4M	20x	as long as short
edgeX PONSUSDC	+0.0187%	4h	0.5907	−0.007%	$21K	$294K	10x	as long as short
Aster PONSUSDT	+0.0215%	4h	0.5904	−0.046%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0337%	1h	0.5908	+0.015%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0421%	4h	0.5912	+0.085%	$1.7M	$970K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5910	+0.050%	$47K	$103K	3x	as long as short
Gate PONS_USDT	+0.0498%	4h	0.5905	−0.034%	$5.2M	$6.8M	20x	as long as short
Hyperliquid PONS	+0.0526%	1h	0.5906	−0.025%	$59.0M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0616%	1h	0.5911	+0.061%	$395K	$2.6M	3x	as long as short
Lighter PONS	+0.1128%	1h	0.5915	+0.134%	$1.7M	$882K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5899	−0.135%	$27K	$86K	3x	as long as short