Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.119%

Price spread now: Lighter RH against Variational Omni+0.226%7-day average +0.041% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.301%+$30 on $10k

Price spread, last 7 days−0.284%−$28 · spread now +0.226%, 7d avg +0.041%

Together, before fees+0.017%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter RH is 0.185% dearer against Variational Omni than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.6076	0.0100	pay 0.0050% / 4h	4m 02s	$1.4M	$4.2M	—
Short	Lighter RH PONS	0.6089	0.0096	get 0.0012% / 1h	4m 02s	$426K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.226%Rate

Funding earned: −$0.84
Price spread: +0.226% → +0.041%: $18.48
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $17.64
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Lighter RH: live order book, 4 min ago. 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	7.39 bp	doesn't fit	48.5 bp −$485	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	5.18 bp	6.9 bp −$7	46.7 bp −$467	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−1.748%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6084	+0.135%	$241K	—	150x	as long as short
Lighter RH PONSshort	+0.0096%	1h	0.6089	+0.226%	$426K	$2.6M	3x
Popdex PONSUSDT	+0.0096%	1h	0.6092	+0.269%	$20K	$421K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6089	+0.219%	$18.3M	$31.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6087	+0.186%	$13.9M	$57.7M	20x	as long as short
Variational Omni PONSlong	+0.0100%	4h	0.6076	long leg	$1.4M	$4.2M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.6096	+0.331%	$32K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6095	+0.313%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6093	+0.278%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6091	+0.251%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6103	+0.448%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6093	+0.285%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0126%	4h	0.6088	+0.198%	$1.7M	$3.8M	20x	as long as short
Aster PONSUSDT	+0.0151%	4h	0.6089	+0.227%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6093	+0.278%	$380	—	3x	as long as short
Bitget PONSUSDT	+0.0166%	4h	0.6091	+0.259%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0207%	1h	0.6094	+0.305%	$105K	$116K	5x	as long as short
MEXC PONS_USDT	+0.0292%	4h	0.6091	+0.252%	$8.0M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6091	+0.258%	$252K	$682K	5x	as long as short
Binance PONSUSDT	+0.0297%	4h	0.6092	+0.276%	$39.9M	$98.2M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6091	+0.252%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0316%	4h	0.6086	+0.171%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0336%	1h	0.6091	+0.252%	$1.7M	$935K	3x	as long as short
BloFin PONS-USDT	+0.0532%	4h	0.6091	+0.252%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0650%	1h	0.6091	+0.257%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0836%	1h	0.6091	+0.257%	$62.0M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6090	+0.234%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6085	+0.153%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2192%	4h	0.6088	+0.203%	$5.3M	$6.3M	20x	as long as short