Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h +0.119%

Price spread now: Bitget against SoDEX−0.125%7-day average +0.029% · 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−$179as in the Price arb table

costs, in and out, $10k−$1631.632% of the position

Long on SoDEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.379%+$38 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now −0.125%, 7d avg +0.029%

Together, before fees+0.355%+$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: Bitget is 0.154% cheaper against SoDEX than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PONS-USD	0.6095	0.0100	pay 0.0013% / 1h	56m 57s	$28K	$548K	3x
Short	Bitget PONSUSDT	0.6087	0.0102	get 0.0051% / 4h	56m 57s	$4.8M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SoDEX. 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 SoDEXbpFee BitgetbpOrdersPrice spread, now −0.125%Rate

Funding earned: $0.42
Price spread: −0.125% → +0.029%: −$15.38
Slippage, 4 orders: −$143.23
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$178.19
Costs to cover: 1.632%
Break-even: 2976.8 days

Slippage from SoDEX: live order book, 22 min ago; Bitget: 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 SoDEX live order book, 22 min ago	1.67 bp	63.9 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	3.04 bp	17.7 bp −$18	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.051%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.6086	−0.144%	$229K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6092	−0.041%	$21K	$450K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6093	−0.033%	$86K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6082	−0.205%	$18.3M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6084	−0.172%	$13.8M	$57.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6085	−0.158%	$1.8M	$3.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6093	−0.022%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6095	+0.002%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6101	+0.103%	$3K	$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	0.6094	−0.011%	—	$1.4M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.6095	long leg	$28K	$548K	3x
HTX PONS-USDT	+0.0100%	4h	0.6100	+0.098%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6085	−0.156%	$1.7M	$3.3M	20x	as long as short
Bitget PONSUSDTshort	+0.0102%	4h	0.6087	−0.125%	$4.8M	$11.7M	20x
Aevo PONS-PERP	+0.0144%	1h	0.6098	+0.051%	$380	—	3x	as long as short
Lighter RH PONS	+0.0160%	1h	0.6096	+0.025%	$430K	$2.6M	3x	as long as short
Aster PONSUSDT	+0.0181%	4h	0.6086	−0.132%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0240%	1h	0.6096	+0.031%	$1.7M	$921K	3x	as long as short
Extended PONS-USD	+0.0248%	1h	0.6087	−0.126%	$251K	$680K	5x	as long as short
Binance PONSUSDT	+0.0249%	4h	0.6087	−0.116%	$39.6M	$98.7M	20x	as long as short
MEXC PONS_USDT	+0.0250%	4h	0.6087	−0.123%	$8.1M	$4.8M	20x	as long as short
BingX PONS-USDT	+0.0252%	4h	0.6081	−0.222%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0258%	4h	0.6096	+0.024%	$21K	$292K	10x	as long as short
BloFin PONS-USDT	+0.0489%	4h	0.6098	+0.057%	$1.7M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0636%	1h	0.6093	−0.021%	$40K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0849%	1h	0.6097	+0.036%	$61.9M	$30.6M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6091	−0.059%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.6092	−0.039%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.1772%	4h	0.6083	−0.189%	$5.3M	$6.2M	20x	as long as short