Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1595%/8h= +174.7% APRpaid last 24h +0.383%

Price spread now: Phoenix against SunX−0.235%69s7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2812.810% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+2.041%+$204 on $10k

Price spread, last 3 days (all we have)+0.146%+$15 · spread now −0.235%, 7d avg −0.053%

Together, before fees+2.187%+$219 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.182% cheaper against SunX than usual: you would sell low and buy high (spread −0.235% now, against its 7-day average of −0.053%). If the spread goes back, that is −$18 on $10k: about 9 hours of funding at the current rate (+$48 a day). The two prices were read 69 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	SunX PONS-USDT	0.6052	0.0100	pay 0.0050% / 4h	2h 32m	—	$1.3M	10x
Short	Phoenix PONS	0.6038	0.1695	get 0.0212% / 1h	32m 07s	$31K	$107K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.235%Rate

Funding earned: $335.04
Price spread: −0.235% → −0.053%: −$18.19
Slippage, 4 orders: −$265.95
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $35.9
Costs to cover: 2.810%
Break-even: 6.2 days

Slippage from SunX: live order book, 2 min ago; Phoenix: live order book, 9 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, 2 min ago	104.63 bp	123.5 bp −$123	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 9 min ago	3.31 bp	16.6 bp −$17	54.4 bp −$544	doesn't fit	doesn't fit

PONS on 29 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	0.6041	−0.169%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.358%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6045	−0.111%	$20K	$424K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6045	−0.118%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6042	−0.164%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6048	−0.063%	$2K	$3K	10x	as long as short
SunX PONS-USDTlong	+0.0100%	4h	0.6052	long leg	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6056	+0.078%	$26K	$526K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6048	−0.061%	$64K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6055	+0.055%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0184%	1h	0.6048	−0.068%	$377	—	3x	as long as short
KuCoin PONSUSDTM	+0.0214%	4h	0.6050	−0.030%	$1.7M	$3.7M	20x	as long as short
Lighter RH PONS	+0.0216%	1h	0.6051	−0.005%	$421K	$2.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0218%	4h	0.6047	−0.078%	$13.9M	$55.6M	20x	as long as short
Nado PONS-PERP	+0.0246%	1h	0.6040	−0.193%	$71K	$131K	5x	as long as short
Bybit PONSUSDT	+0.0258%	4h	0.6048	−0.061%	$18.1M	$30.7M	20x	as long as short
Bitget PONSUSDT	+0.0298%	4h	0.6052	+0.003%	$4.7M	$11.3M	20x	as long as short
Lighter PONS	+0.0312%	1h	0.6052	+0.012%	$1.7M	$884K	3x	as long as short
Aster PONSUSDT	+0.0360%	4h	0.6038	−0.224%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0396%	4h	0.6051	−0.012%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0406%	4h	0.6053	+0.021%	$39.7M	$95.7M	20x	as long as short
MEXC PONS_USDT	+0.0406%	4h	0.6054	+0.038%	$7.7M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0408%	1h	0.6054	+0.036%	$249K	$679K	5x	as long as short
edgeX PONSUSDC	+0.0414%	4h	0.6039	−0.206%	$21K	$293K	10x	as long as short
Gate PONS_USDT	+0.0578%	4h	0.6041	−0.177%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0696%	1h	0.6051	−0.003%	$61.5M	$28.2M	3x	as long as short
Polymarket Perps PONS-USD	+0.0746%	1h	0.6046	−0.094%	$45K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6027	−0.411%	$48K	$75K	3x	as long as short
Phoenix PONSshort	+0.1695%	1h	0.6038	−0.235%	$31K	$107K	3x