Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0480%/8h= +52.6% APRpaid last 24h +0.080%

Price spread now: Hyperliquid against Binance+0.020%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$500.500% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 7 days−0.009%−$1 · spread now +0.020%, 7d avg −0.011%

Together, before fees−0.021%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.032% dearer against Binance than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.011%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.012% in total (about -0.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PONSUSDT	0.6125	0.0391	pay 0.0195% / 4h	3h 10m	$40.3M	$96.1M	20x
Short	Hyperliquid PONS	0.6127	0.0871	get 0.0109% / 1h	10m 49s	$62.3M	$29.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.020%Rate

Funding earned: $100.89
Price spread: +0.020% → −0.011%: $3.18
Slippage, 4 orders: −$31.02
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $54.04
Costs to cover: 0.500%
Break-even: 3.3 days

Slippage from Binance: live order book, 2 min ago; Hyperliquid: live order book, 13 min ago.

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 Binance live order book, 2 min ago	0.81 bp	13.3 bp −$13	45.2 bp −$452	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.08 bp	13.9 bp −$14	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 −0.0033%	1h	0.6111	−0.241%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.546%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6129	+0.058%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6118	−0.122%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6098	−0.442%	$33K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6126	+0.010%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6132	+0.100%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6119	−0.104%	$27K	$543K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6133	+0.130%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6118	−0.122%	$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	+0.0128%	1h	0.6123	−0.042%	$433K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6121	−0.065%	$381	—	3x	as long as short
KuCoin PONSUSDTM	+0.0208%	4h	0.6118	−0.130%	$1.8M	$3.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0210%	4h	0.6125	−0.007%	$14.0M	$56.6M	20x	as long as short
Bitget PONSUSDT	+0.0274%	4h	0.6134	+0.139%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0327%	4h	0.6117	−0.133%	$1.1M	$2.0M	20x	as long as short
edgeX PONSUSDC	+0.0381%	4h	0.6107	−0.309%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0390%	4h	0.6122	−0.056%	$8.0M	$4.9M	20x	as long as short
Binance PONSUSDTlong	+0.0391%	4h	0.6125	long leg	$40.3M	$96.1M	20x
Extended PONS-USD	+0.0392%	1h	0.6118	−0.128%	$253K	$678K	5x	as long as short
Lighter PONS	+0.0480%	1h	0.6123	−0.042%	$1.7M	$941K	3x	as long as short
Bybit PONSUSDT	+0.0591%	4h	0.6124	−0.024%	$18.4M	$30.9M	20x	as long as short
BingX PONS-USDT	+0.0592%	4h	0.6129	+0.058%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0602%	1h	0.6132	+0.103%	$106K	$115K	5x	as long as short
BloFin PONS-USDT	+0.0631%	4h	0.6126	+0.009%	$1.8M	$996K	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6131	+0.084%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0794%	1h	0.6130	+0.068%	$45K	$1.6M	3x	as long as short
Hyperliquid PONSshort	+0.0871%	1h	0.6127	+0.020%	$62.3M	$29.2M	3x
Gate PONS_USDT	+0.1134%	4h	0.6119	−0.105%	$5.4M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6139	+0.223%	$32K	$113K	3x	as long as short