Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.090%

Price spread now: Injective against Variational Omni−1.850%106s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.850% cheaper against Variational Omni than usual: you would sell low and buy high (−$185 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 106 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	Variational Omni PONS	0.6082	0.0100	pay 0.0050% / 4h	3h 19m	$1.4M	$4.2M	—
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	19m 38s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −1.850%Rate

Funding earned: −$14
Price spread: −1.850% → 0.000%: −$184.97
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$198.99
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Injective: no order-book sample. 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 Variational Omni RFQ quote, 5 min ago	4.10 bp	doesn't fit	45.1 bp −$451	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0033%	1h	0.6070	−0.193%	$240K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	−1.850%	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.6085	+0.041%	$429K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6086	+0.066%	$20K	$415K	20x	as long as short
Variational Omni PONSlong	+0.0100%	4h	0.6082	long leg	$1.4M	$4.2M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.6093	+0.187%	$33K	$358K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6081	−0.011%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6085	+0.043%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6082	+0.002%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6093	+0.187%	$65K	$510K	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	0.6081	−0.016%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6080	−0.033%	$379	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0183%	4h	0.6083	+0.016%	$13.9M	$56.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0188%	4h	0.6085	+0.043%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0254%	4h	0.6089	+0.122%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0265%	4h	0.6081	−0.024%	$1.1M	$2.1M	20x	as long as short
Extended PONS-USD	+0.0352%	1h	0.6085	+0.044%	$252K	$678K	5x	as long as short
MEXC PONS_USDT	+0.0354%	4h	0.6088	+0.099%	$7.9M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0355%	4h	0.6086	+0.066%	$39.9M	$96.4M	20x	as long as short
edgeX PONSUSDC	+0.0379%	4h	0.6082	−0.003%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0400%	1h	0.6085	+0.051%	$1.7M	$933K	3x	as long as short
Bybit PONSUSDT	+0.0589%	4h	0.6082	0.000%	$18.3M	$30.9M	20x	as long as short
BloFin PONS-USDT	+0.0599%	4h	0.6086	+0.066%	$1.8M	$998K	20x	as long as short
BingX PONS-USDT	+0.0612%	4h	0.6086	+0.066%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0614%	1h	0.6078	−0.070%	$105K	$115K	5x	as long as short
Pacifica PONS	+0.0665%	1h	0.6087	+0.085%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0767%	1h	0.6078	−0.071%	$44K	$1.6M	3x	as long as short
Gate PONS_USDT	+0.0788%	4h	0.6080	−0.033%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONS	+0.0874%	1h	0.6090	+0.134%	$62.0M	$29.1M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6095	+0.207%	$32K	$113K	3x	as long as short