Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0732%/8h= +80.2% APRpaid last 24h +0.169%

Price spread now: BloFin against SoDEX−0.025%56s7-day average +0.034% · 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−$1601.596% of the position

Long on SoDEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.547%+$55 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now −0.025%, 7d avg +0.034%

Together, before fees+0.595%+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.059% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.034%). If the spread goes back, that is −$6 on $10k: about 6 hours of funding at the current rate (+$22 a day). The two prices were read 56 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	SoDEX PONS-USD	0.5913	0.0100	pay 0.0013% / 1h	35m 47s	$25K	$547K	3x
Short	BloFin PONS-USDT	0.5911	0.0832	get 0.0416% / 4h	2h 35m	$1.7M	$941K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.025%Rate

Funding earned: $153.8
Price spread: −0.025% → +0.034%: −$5.93
Slippage, 4 orders: −$139.59
Fee SoDEX: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$11.72
Costs to cover: 1.596%
Break-even: 7.5 days

Slippage from SoDEX: live order book, 13 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 SoDEX live order book, 13 min ago	2.52 bp	66.0 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	1.69 bp	16.7 bp −$17	39.6 bp −$396	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	0.5902	−0.176%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.964%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5929	+0.277%	$414K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5914	+0.025%	$21K	$418K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5910	−0.044%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5916	+0.059%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5882	−0.516%	$29K	$334K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5920	+0.120%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5910	−0.034%	—	$1.3M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.5913	long leg	$25K	$547K	3x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5927	+0.245%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5916	+0.059%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5903	−0.161%	$368	—	3x	as long as short
Hyperliquid PONS	+0.0247%	1h	0.5926	+0.232%	$60.3M	$29.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0373%	4h	0.5927	+0.245%	$13.4M	$54.8M	20x	as long as short
Aster PONSUSDT	+0.0480%	4h	0.5919	+0.117%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0568%	4h	0.5929	+0.279%	$4.7M	$11.8M	20x	as long as short
Variational Omni PONS	+0.0576%	4h	0.5912	−0.007%	$1.4M	$4.1M	—	as long as short
MEXC PONS_USDT	+0.0592%	4h	0.5928	+0.262%	$7.5M	$4.7M	20x	as long as short
Lighter PONS	+0.0600%	1h	0.5929	+0.277%	$1.6M	$886K	3x	as long as short
Extended PONS-USD	+0.0600%	1h	0.5925	+0.204%	$106K	$807K	5x	as long as short
Binance PONSUSDT	+0.0603%	4h	0.5927	+0.245%	$38.8M	$94.9M	20x	as long as short
edgeX PONSUSDC	+0.0621%	4h	0.5886	−0.440%	$20K	$295K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5913	+0.008%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0744%	4h	0.5921	+0.137%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0766%	4h	0.5931	+0.313%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0791%	1h	0.5911	−0.024%	$112K	$1.7M	3x	as long as short
BloFin PONS-USDTshort	+0.0832%	4h	0.5911	−0.025%	$1.7M	$941K	20x
Bybit PONSUSDT	+0.0854%	4h	0.5929	+0.279%	$17.7M	$31.0M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5887	−0.435%	$45K	$121K	3x	as long as short