Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0462%/8h= +50.6% APRpaid last 24h +0.075%

Price spread now: Variational Omni against SoDEX−1.054%7-day average +0.003% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.144%+$14 on $10k

Price spread, last 4 days (all we have)+0.736%+$74 · spread now −1.054%, 7d avg +0.003%

Together, before fees+0.880%+ Points / potential airdropVariational Omni: Active · farm board+$88 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 1.057% cheaper against SoDEX than usual: you would sell low and buy high (spread −1.054% now, against its 7-day average of +0.003%). If the spread goes back, that is −$106 on $10k: about 7.6 days of funding at the current rate (+$14 a day). At the pace of the last 4 days (+0.144% in total) that is about 26 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.144% in total (about 14.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PONS-USD	0.6280	0.0100	pay 0.0013% / 1h	22m 36s	$27K	$628K	3x
Short	Variational Omni PONS	0.6214	0.0562	get 0.0281% / 4h	3h 22m	$1.6M	$4.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. 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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now −1.054%Rate

Funding earned: $96.96
Price spread: −1.054% → +0.003%: −$105.69
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$16.73
Costs to cover: 0.080%
Break-even: 8.2 days

Slippage unknown: SoDEX: live order book, 11 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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, 11 min ago	0.81 bp	59.7 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	5.60 bp	doesn't fit	31.2 bp −$312	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 −0.0030%	1h	0.6270	−0.168%	$245K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−5.445%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6277	−0.056%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6278	−0.040%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6217	−1.016%	$31K	$290K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6271	−0.151%	$73K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6290	+0.146%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6275	−0.086%	—	$1.2M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.6280	long leg	$27K	$628K	3x
HTX PONS-USDT	+0.0100%	4h	0.6278	−0.040%	$66K	$528K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6282	+0.024%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6283	+0.040%	$391	—	3x	as long as short
Hyperliquid PONS	+0.0311%	1h	0.6285	+0.072%	$64.4M	$30.5M	3x	as long as short
Lighter RH PONS	+0.0376%	1h	0.6290	+0.158%	$425K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0441%	4h	0.6303	+0.358%	$14.4M	$61.2M	20x	as long as short
Aster PONSUSDT	+0.0454%	4h	0.6296	+0.250%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0488%	4h	0.6304	+0.382%	$1.7M	$4.1M	20x	as long as short
Lighter PONS	+0.0528%	1h	0.6292	+0.185%	$1.8M	$870K	3x	as long as short
Variational Omni PONSshort	+0.0562%	4h	0.6214	−1.054%	$1.6M	$4.5M	—
edgeX PONSUSDC	+0.0662%	4h	0.6252	−0.447%	$21K	$291K	10x	as long as short
Extended PONS-USD	+0.0664%	1h	0.6299	+0.301%	$105K	$819K	5x	as long as short
MEXC PONS_USDT	+0.0664%	4h	0.6300	+0.310%	$8.1M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0677%	4h	0.6300	+0.316%	$41.4M	$104.0M	20x	as long as short
Bitget PONSUSDT	+0.0732%	4h	0.6312	+0.510%	$5.1M	$13.2M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6297	+0.259%	$47K	$78K	3x	as long as short
BloFin PONS-USDT	+0.0905%	4h	0.6280	−0.008%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.0944%	4h	0.6306	+0.406%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1096%	4h	0.6303	+0.358%	$19.0M	$33.3M	20x	as long as short
Gate PONS_USDT	+0.1620%	4h	0.6280	−0.008%	$5.4M	$6.4M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6229	−0.828%	$47K	$159K	3x	as long as short