Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0302%/8h= −33.1% APRpaid last 24h −0.076%

Price spread now: Popdex against Variational Omni+0.225%7-day average +0.056% · you sell dearer than you buy

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

Long on Variational Omni Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.143%−$14 on $10k

Price spread, last 4 days (all we have)+1.311%+$131 · spread now +0.225%, 7d avg +0.056%

Together, before fees+1.167%+ Points / potential airdropVariational Omni: Active · farm board+$117 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.169% dearer against Variational Omni than usual: you sell high and buy low (spread +0.225% now, against its 7-day average of +0.056%): +$17 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 45 hours. At the pace of the last 4 days (−0.143% in total) that is about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.6017	0.0398	pay 0.0199% / 4h	3h 32m	$1.5M	$3.9M	—
Short	Popdex PONSUSDT	0.6031	0.0096	get 0.0012% / 1h	32m 28s	$21K	$416K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.225%Rate

Funding earned: −$63.42
Price spread: +0.225% → +0.056%: $16.89
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$52.94
Costs to cover: 0.064%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Popdex: live order book, 21 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, 2 min ago	4.15 bp	doesn't fit	37.4 bp −$374	doesn't fit	doesn't fit
Sell Popdex live order book, 21 min ago	6.36 bp	121.8 bp −$122	doesn't fit	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 +0.0033% / S −0.0032%	1h	0.6018	+0.013%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.797%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6031	+0.225%	$21K	$416K	20x
Nado PONS-PERP	+0.0100%	1h	0.6030	+0.209%	$71K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6023	+0.091%	$35K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6036	+0.313%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6040	+0.383%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6040	+0.383%	$26K	$531K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6058	+0.674%	$66K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6040	+0.375%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.6034	+0.270%	$413K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6031	+0.234%	$376	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0347%	4h	0.6025	+0.126%	$13.7M	$55.2M	20x	as long as short
Variational Omni PONSlong	+0.0398%	4h	0.6017	long leg	$1.5M	$3.9M	—
Hyperliquid PONS	+0.0488%	1h	0.6028	+0.175%	$61.6M	$28.0M	3x	as long as short
Aster PONSUSDT	+0.0518%	4h	0.6030	+0.204%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0522%	4h	0.6029	+0.199%	$4.6M	$11.5M	20x	as long as short
Lighter PONS	+0.0552%	1h	0.6034	+0.275%	$1.7M	$892K	3x	as long as short
MEXC PONS_USDT	+0.0622%	4h	0.6029	+0.192%	$7.7M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0623%	4h	0.6030	+0.206%	$39.4M	$94.3M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6027	+0.157%	$108K	$808K	5x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.6032	+0.238%	$18K	$293K	10x	as long as short
Gate PONS_USDT	+0.0646%	4h	0.6020	+0.042%	$5.3M	$6.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0689%	1h	0.6028	+0.177%	$72K	$1.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0740%	4h	0.6031	+0.227%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.6032	+0.242%	—	$2.9M	—	as long as short
BloFin PONS-USDT	+0.0863%	4h	0.6031	+0.225%	$1.7M	$966K	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.6028	+0.168%	$47K	$67K	3x	as long as short
Bybit PONSUSDT	+0.1123%	4h	0.6030	+0.209%	$18.1M	$30.6M	20x	as long as short
Phoenix PONS	+0.1586%	1h	0.6028	+0.184%	$46K	$109K	3x	as long as short