Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.030%

Price spread now: OKX against SoDEX−0.586%56s7-day average −0.027% · 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−$1461.461% of the position

Long on SoDEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.206%+$21 on $10k

Price spread, last 3 days (all we have)+0.477%+$48 · spread now −0.586%, 7d avg −0.027%

Together, before fees+0.683%+$68 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.559% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.586% now, against its 7-day average of −0.027%). If the spread goes back, that is −$56 on $10k: about 16 days of funding at the current rate (+$3 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	0.6142	0.0100	pay 0.0013% / 1h	6m 26s	$26K	$534K	3x
Short	OKX PONS-USDT-SWAP	0.6106	0.0214	get 0.0107% / 4h	3h 06m	$14.0M	$56.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.586%Rate

Funding earned: $23.89
Price spread: −0.586% → −0.027%: −$55.95
Slippage, 4 orders: −$128.09
Fee SoDEX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$178.15
Costs to cover: 1.461%
Break-even: 59.2 days

Slippage from SoDEX: live order book, 2 min ago; OKX: 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, 2 min ago	1.79 bp	62.9 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.63 bp	11.5 bp −$12	32.9 bp −$329	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 −0.0033%	1h	0.6102	−0.649%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.809%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6119	−0.374%	$20K	$414K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6118	−0.391%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6122	−0.319%	$34K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6115	−0.436%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6132	−0.155%	—	$1.3M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.6142	long leg	$26K	$534K	3x
HTX PONS-USDT	+0.0100%	4h	0.6139	−0.047%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6138	−0.065%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0176%	1h	0.6111	−0.502%	$381	—	3x	as long as short
Lighter RH PONS	+0.0176%	1h	0.6130	−0.197%	$434K	$2.6M	3x	as long as short
OKX PONS-USDT-SWAPshort	+0.0214%	4h	0.6106	−0.586%	$14.0M	$56.4M	20x
KuCoin PONSUSDTM	+0.0224%	4h	0.6113	−0.466%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0282%	4h	0.6117	−0.409%	$4.8M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0342%	4h	0.6120	−0.360%	$1.1M	$2.0M	20x	as long as short
Extended PONS-USD	+0.0392%	1h	0.6123	−0.307%	$253K	$677K	5x	as long as short
edgeX PONSUSDC	+0.0393%	4h	0.6136	−0.103%	$21K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0394%	4h	0.6116	−0.423%	$8.0M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0394%	4h	0.6112	−0.489%	$40.2M	$96.0M	20x	as long as short
Lighter PONS	+0.0480%	1h	0.6133	−0.143%	$1.7M	$945K	3x	as long as short
BingX PONS-USDT	+0.0588%	4h	0.6111	−0.505%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0589%	1h	0.6120	−0.363%	$106K	$115K	5x	as long as short
Bybit PONSUSDT	+0.0607%	4h	0.6107	−0.570%	$18.4M	$30.8M	20x	as long as short
BloFin PONS-USDT	+0.0634%	4h	0.6147	+0.081%	$1.8M	$999K	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6124	−0.285%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0801%	1h	0.6117	−0.404%	$45K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0864%	1h	0.6116	−0.423%	$62.2M	$28.9M	3x	as long as short
Gate PONS_USDT	+0.1530%	4h	0.6104	−0.619%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6136	−0.098%	$32K	$113K	3x	as long as short