Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.1104%/8hnext payment +$1.38 per $10,000 · paid last 24h +0.398%

Price spread now: Phoenix against Aevo−0.180%7-day average — · you buy dearer than you sell

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

Long on Aevo Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.180% cheaper against Aevo than usual: you would sell low and buy high (spread −0.180% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 13 hours of funding at the current rate (+$33 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PONS-PERP	0.5917	0.0128	pay 0.0016% / 1h	52m 46s	$369	—	3x
Short	Phoenix PONS	0.5907	0.1232	get 0.0154% / 1h	52m 46s	$27K	$80K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aevo. 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 AevobpFee PhoenixbpOrdersPrice spread, now −0.180%Rate

Funding earned: $231.92
Price spread: −0.180% → 0.000%: −$17.98
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $190.94
Costs to cover: 0.230%
Break-even: 1.2 days

Slippage unknown: Aevo: no order-book sample; Phoenix: 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 Aevo no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Aevo and Phoenix: 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 +0.0032% / S −0.0032%	1h	0.5911	−0.110%	$212K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5863	−0.917%	$603	$3K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5917	−0.002%	$21K	$496K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5918	+0.013%	$73K	$95K	5x	as long as short
Hyperliquid PONS	+0.0100%	1h	0.5921	+0.060%	$58.7M	$29.8M	3x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5913	−0.070%	$17.7M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5911	−0.104%	$13.4M	$56.2M	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5914	−0.053%	$5.2M	$6.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5914	−0.050%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5919	+0.026%	$4.6M	$11.5M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PONS	+0.0100%	4h	0.5904	−0.220%	$1.2M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5918	+0.018%	$34K	$316K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5922	+0.082%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5922	+0.077%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5919	+0.025%	$27K	$533K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5923	+0.106%	$63K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5913	−0.070%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERPlong	+0.0128%	1h	0.5917	long leg	$369	—	3x
Lighter RH PONS	+0.0176%	1h	0.5920	+0.057%	$400K	$2.5M	3x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5918	+0.023%	$89K	$534K	5x	as long as short
MEXC PONS_USDT	+0.0184%	4h	0.5920	+0.048%	$7.4M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0186%	4h	0.5916	−0.019%	$38.5M	$99.2M	20x	as long as short
BingX PONS-USDT	+0.0188%	4h	0.5915	−0.036%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0196%	4h	0.5911	−0.106%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0214%	4h	0.5913	−0.074%	$1.1M	$2.1M	20x	as long as short
Pacifica PONS	+0.0279%	1h	0.5916	−0.018%	$47K	$111K	3x	as long as short
BloFin PONS-USDT	+0.0426%	4h	0.5919	+0.031%	$1.7M	$983K	20x	as long as short
Polymarket Perps PONS-USD	+0.0455%	1h	0.5919	+0.033%	$51K	$1.8M	3x	as long as short
Lighter PONS	+0.1120%	1h	0.5926	+0.143%	$1.7M	$851K	3x	as long as short
Phoenix PONSshort	+0.1232%	1h	0.5907	−0.180%	$27K	$80K	3x