Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0660%/8h= +72.3% APRpaid last 24h +0.290%

Price spread now: Lighter against SunX+0.070%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs−$256as in the Price arb table

costs, in and out, $10k−$2612.612% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.897%+$90 on $10k

Price spread, last 3 days (all we have)−0.565%−$56 · spread now +0.070%, 7d avg +0.016%

Together, before fees+0.332%+ Points / potential airdropLighter: Season 3 · farm board+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Lighter is 0.053% dearer against SunX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PONS-USDT	0.5880	0.0100	pay 0.0050% / 4h	2h 47m	—	$1.4M	10x
Short	Lighter PONS	0.5885	0.0760	get 0.0095% / 1h	47m 55s	$1.7M	$879K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.070%Rate

Funding earned: $138.6
Price spread: +0.070% → +0.016%: $5.32
Slippage, 4 orders: −$253.21
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$117.29
Costs to cover: 2.612%
Break-even: 12.9 days

Slippage from SunX: live order book, 6 min ago; Lighter: live order book, 4 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, 6 min ago	105.17 bp	124.3 bp −$124	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	4.06 bp	6.9 bp −$7	10.8 bp −$108	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 −0.0034%	1h	0.5878	−0.046%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.665%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5882	+0.024%	$396K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5882	+0.026%	$21K	$456K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5872	−0.145%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5872	−0.145%	$13.5M	$55.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5876	−0.070%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5875	−0.087%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5902	+0.358%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5913	+0.556%	$34K	$327K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5888	+0.122%	$2K	$3K	10x	as long as short
SunX PONS-USDTlong	+0.0100%	4h	0.5880	long leg	—	$1.4M	10x
SoDEX PONS-USD	+0.0100%	1h	0.5880	0.000%	$27K	$536K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5893	+0.214%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5883	+0.043%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5881	+0.015%	$366	—	3x	as long as short
Extended PONS-USD	+0.0152%	1h	0.5875	−0.086%	$105K	$528K	5x	as long as short
Binance PONSUSDT	+0.0156%	4h	0.5875	−0.092%	$38.2M	$98.1M	20x	as long as short
MEXC PONS_USDT	+0.0164%	4h	0.5877	−0.060%	$7.6M	$5.1M	20x	as long as short
BingX PONS-USDT	+0.0174%	4h	0.5875	−0.094%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0189%	4h	0.5914	+0.561%	$21K	$293K	10x	as long as short
Aster PONSUSDT	+0.0210%	4h	0.5875	−0.092%	$1.1M	$2.2M	20x	as long as short
Nado PONS-PERP	+0.0237%	1h	0.5883	+0.045%	$89K	$103K	5x	as long as short
Polymarket Perps PONS-USD	+0.0340%	1h	0.5881	+0.005%	$38K	$1.8M	3x	as long as short
Gate PONS_USDT	+0.0402%	4h	0.5874	−0.111%	$5.1M	$6.7M	20x	as long as short
BloFin PONS-USDT	+0.0404%	4h	0.5886	+0.094%	$1.7M	$964K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5884	+0.068%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0639%	1h	0.5874	−0.109%	$58.7M	$29.8M	3x	as long as short
Lighter PONSshort	+0.0760%	1h	0.5885	+0.070%	$1.7M	$879K	3x
Phoenix PONS	+0.1275%	1h	0.5909	+0.493%	$27K	$86K	3x	as long as short