Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0599%/8h= +65.6% APRpaid last 24h +0.179%

Price spread now: Hyperliquid against SunX+0.752%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$233as in the Funding arb table

Net, price: spread back to 7d avg − costs−$197as in the Price arb table

costs, in and out, $10k−$2762.760% of the position

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.429%+$43 on $10k

Price spread, last 3 days (all we have)−1.083%−$108 · spread now +0.752%, 7d avg −0.035%

Together, before fees−0.654%+ Points / potential airdropHyperliquid: Season 2 · farm board−$65 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Hyperliquid is 0.787% dearer against SunX than usual: you sell high and buy low: +$79 more if the spread goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PONS-USDT	0.6049	0.0100	pay 0.0050% / 4h	1h 02m	—	$1.4M	10x
Short	Hyperliquid PONS	0.6095	0.0699	get 0.0087% / 1h	2m 38s	$61.8M	$30.4M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now +0.752%Rate

Funding earned: $125.84
Price spread: +0.752% → −0.035%: $78.73
Slippage, 4 orders: −$258.98
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$71.4
Costs to cover: 2.760%
Break-even: 11.0 days

Slippage from SunX: live order book, 11 min ago; Hyperliquid: live order book, 11 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 SunX live order book, 11 min ago	105.57 bp	124.5 bp −$124	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.08 bp	10.4 bp −$10	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 +0.0033% / S −0.0036%	1h	0.6035	−0.235%	$227K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.316%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6091	+0.693%	$18K	$445K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6090	+0.676%	$18.3M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6088	+0.643%	$13.8M	$57.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6092	+0.711%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.6094	+0.736%	$4.8M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6007	−0.693%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6007	−0.696%	$35K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6054	+0.084%	$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-USDTlong	+0.0100%	4h	0.6049	long leg	—	$1.4M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6048	−0.010%	$27K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6048	−0.010%	$65K	$507K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6041	−0.134%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.6048	−0.016%	$377	—	3x	as long as short
Aster PONSUSDT	+0.0150%	4h	0.6084	+0.574%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0189%	4h	0.6019	−0.495%	$21K	$293K	10x	as long as short
BingX PONS-USDT	+0.0194%	4h	0.6091	+0.693%	—	$3.1M	—	as long as short
Extended PONS-USD	+0.0200%	1h	0.6092	+0.706%	$251K	$679K	5x	as long as short
MEXC PONS_USDT	+0.0202%	4h	0.6093	+0.726%	$8.1M	$5.0M	20x	as long as short
Nado PONS-PERP	+0.0206%	1h	0.6050	+0.013%	$91K	$103K	5x	as long as short
Binance PONSUSDT	+0.0221%	4h	0.6091	+0.693%	$39.7M	$98.3M	20x	as long as short
Lighter RH PONS	+0.0296%	1h	0.6091	+0.691%	$430K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0443%	4h	0.6050	+0.015%	$1.7M	$989K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.6092	+0.704%	$48K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0507%	1h	0.6047	−0.033%	$38K	$1.7M	3x	as long as short
Lighter PONS	+0.0664%	1h	0.6091	+0.691%	$1.7M	$1.0M	3x	as long as short
Hyperliquid PONSshort	+0.0699%	1h	0.6095	+0.752%	$61.8M	$30.4M	3x
Phoenix PONS	+0.1398%	1h	0.6015	−0.569%	$31K	$96K	3x	as long as short
Gate PONS_USDT	+0.1644%	4h	0.6077	+0.461%	$5.3M	$6.5M	20x	as long as short