Funding arb · Price arb / Crypto

PONS

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LONGVariational Omni▾Injective −0.5000%AZverse +0.0070%Lighter RH +0.0096%Popdex +0.0096%Nado +0.0100%Aster +0.0100%Pacifica +0.0100%Bybit +0.0100%OKX +0.0100%Arcus +0.0100%KuCoin +0.0100%Bitget +0.0100%Variational Omni +0.0100%ApeX Omni +0.0100%Polymarket Perps +0.0100%Orderly +0.0100%SunX +0.0100%SoDEX +0.0100%HTX +0.0100%Phemex +0.0100%Aevo +0.0184%Phoenix +0.0246%Gate +0.0286%BingX +0.0404%Extended +0.0416%MEXC +0.0416%Binance +0.0418%Lighter +0.0424%edgeX +0.0437%Kraken Futures +0.0518%Hyperliquid +0.0599%TxFlow +0.0613%Avantis +0.0620%BloFin +0.1670%

⇄⇅

SHORTDeribit▾BloFin +0.1670%Deribit +0.1509%TxFlow +0.0613%Hyperliquid +0.0599%Kraken Futures +0.0518%edgeX +0.0437%Lighter +0.0424%Binance +0.0418%Extended +0.0416%MEXC +0.0416%BingX +0.0404%Avantis −0.0346%Gate +0.0286%Phoenix +0.0246%Aevo +0.0184%Aster +0.0100%Pacifica +0.0100%Bybit +0.0100%OKX +0.0100%Arcus +0.0100%KuCoin +0.0100%Bitget +0.0100%ApeX Omni +0.0100%Polymarket Perps +0.0100%Orderly +0.0100%SunX +0.0100%SoDEX +0.0100%HTX +0.0100%Phemex +0.0100%Nado +0.0100%Popdex +0.0096%Lighter RH +0.0096%AZverse +0.0070%Injective −0.5000%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	Variational OmniPONS	0.2270	+0.0100	pay 0.0050% / 4h	1h 33m	$833K	$1.1M	50x	Long Variational Omni+15% pts
SHORT	DeribitPONS_USDC-PERPETUAL	0.2278	+0.1509	get 0.0189% / 1h	33m 45s	$27K	$145K	25x	Short Deribit

Price gap+0.366%

Funding gap+0.1409% /8h

Both sides work: funding pays +$42 a day on $10k, and the gap is 0.205% above its 7d average: +$21 more if it goes back.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid +0.944% in total, about +0.0450%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now+0.366%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

Variational OmniDeribit

PONS on 35 exchanges

lowest funding first

Before you open

2 ok · 4 to watch

• !
  Watch: Thin at this size44.1 / 12.3 bp

  At $10k entering Variational Omni costs 44.1 bp, fee and slippage, 3.6× Deribit’s.
• i
  Note: Margin at max leverage$200 + $400

  Variational Omni 50x, Deribit 25x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• !
  Watch: Payment intervals differ4h / 1h

  Payments land at different times. Close right after the slower leg pays.

  Long Variational Omni · 4h−$3.00

  Short Deribit · 1h+$45.27

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: +$42.27Long Variational Omni: 6 payments, −$3.00; short Deribit: 24 payments, +$45.27.
• ✓
  OK: Entry gap works for you+0.366% vs +0.161%

  You short the dearer leg. If the gap goes back to average, the short gains.
• !
  Watch: Short leg is thinner$27K vs $833K OI

  Deribit sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legVariational Omni points

  Volume here counts toward the points program.
• !
  Watch: KYCVariational Omni No · Deribit Yes

  ID, proof of address and a financial profile before any deposit; not for the US, Canada, Japan or retail UK clients.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0450%/8h × 21 periods+$94.40

Price spread+0.366% → +0.161% (7d avg)+$20.51

Slippage, 4 orderslive order books−$103.41

Fee Variational Omni bp × 2 orders$0.00

Fee Deribit bp × 2 orders−$7.00

Net · 7 days · $10k+$4.50

Costs to cover1.104%Break-even6.7 days

Slippage: Variational Omni: RFQ quote, 4 min ago; Deribit: live order book, 58 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGVariational Omni8.8144.1 bp−$4474.9 bp−$749doesn’t fitdoesn’t fit

SELL · SHORTDeribit8.8012.3 bp−$12101.4 bp−$1,014doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

I'm in

PONS news

posts that mention PONS, from every exchangeSearch all news →

10-22 07:46	Phemex	Listing	Spot New Listing - robinhood:0x39dbed3a2bd333467115de45665cc57f813c4571 | @ponsdotfamily - Trading Pair: PONS/USDT - Trading Starts: 9:00 UTC, 22 Oct Trade it here ➡️ @Phemex_official on X ↗
10-15 10:02	Deribit	Listing	🚨 Now live on Deribit: PONS and CASHCAT USDC settled perpetuals. ↓ @DeribitOfficial on X ↗
10-15 10:01	Deribit	Listing	new market PONS_USDC-PERPETUAL ($PONS) seen by our collector
10-05 02:16	SoDEX	Other	📊 SoDEX 24h Movers | Mon, Oct 5 73 of 92 perp markets are higher. Can the broad advance hold through this week's macro releases? Market notes $AXS: Price rose on declining volume, alongside negative funding and net exchange inflows. The advance lacked stronger volume confirmation. $PENGU: Stonk launched a "Community Coins" mode on Solana, making PENGU holders eligible to share rewards from newly issued meme tokens. $PONS: Trader Bonk Guy's portfolio is down ~$13.9M from its Sept 6 peak. PONS remains his largest holding at $4.51M. This week's watchlist Mon, Oct 5, 14:00 UTC: US ISM Services PMI Wed, Oct 7, 18:00 UTC: FOMC minutes Fri, Oct 9: Michigan consumer sentiment preliminary release 73 up / 19 down / 0 flat across 92 perp markets. 24 also trade spot. Trade 👉 @sodex_official on X ↗
09-29 02:27	Arcus	Listing	$PONS perpetuals are now live on Arcus. Up to 4x leverage. @arcus_xyz on X ↗
09-28 19:23	Arcus	Listing	new market PONS-USD ($PONS) seen by our collector