Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0566%/8h= −62.0% APRpaid last 24h −0.106%

Price spread now: Injective against Binance−1.347%67s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Injective is 1.347% cheaper against Binance than usual: you would sell low and buy high (−$135 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 67 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	Binance PONSUSDT	0.6051	0.0600	pay 0.0300% / 4h	22m 13s	$39.6M	$95.1M	20x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	22m 13s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.347%Rate

Funding earned: −$118.94
Price spread: −1.347% → 0.000%: −$134.66
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$263.62
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 6 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 Binance live order book, 6 min ago	0.83 bp	13.8 bp −$14	49.1 bp −$491	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 −0.0032%	1h	0.6037	−0.223%	$240K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	−1.347%	$614	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.6048	−0.049%	$20K	$435K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6027	−0.391%	$35K	$348K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6051	−0.005%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6052	+0.019%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6049	−0.024%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6065	+0.230%	$66K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6035	−0.264%	$1.7M	$3.2M	20x	as long as short
Gate PONS_USDT	+0.0122%	4h	0.6039	−0.198%	$5.3M	$6.3M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0232%	1h	0.6045	−0.099%	$377	—	3x	as long as short
Variational Omni PONS	+0.0242%	4h	0.6026	−0.406%	$1.4M	$4.0M	—	as long as short
Nado PONS-PERP	+0.0279%	1h	0.6047	−0.073%	$71K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0319%	4h	0.6046	−0.082%	$13.7M	$55.5M	20x	as long as short
Lighter PONS	+0.0328%	1h	0.6050	−0.018%	$1.7M	$884K	3x	as long as short
Bybit PONSUSDT	+0.0459%	4h	0.6047	−0.066%	$18.0M	$30.8M	20x	as long as short
Aster PONSUSDT	+0.0473%	4h	0.6043	−0.129%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0474%	4h	0.6051	+0.009%	$4.6M	$11.5M	20x	as long as short
Lighter RH PONS	+0.0504%	1h	0.6048	−0.048%	$409K	$2.5M	3x	as long as short
BingX PONS-USDT	+0.0564%	4h	0.6052	+0.017%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0579%	4h	0.6042	−0.151%	$18K	$292K	10x	as long as short
Binance PONSUSDTlong	+0.0600%	4h	0.6051	long leg	$39.6M	$95.1M	20x
Extended PONS-USD	+0.0600%	1h	0.6047	−0.072%	$108K	$812K	5x	as long as short
MEXC PONS_USDT	+0.0600%	4h	0.6049	−0.033%	$7.7M	$4.7M	20x	as long as short
KuCoin PONSUSDTM	+0.0662%	4h	0.6039	−0.191%	$1.7M	$3.8M	20x	as long as short
Hyperliquid PONS	+0.0781%	1h	0.6050	−0.010%	$61.8M	$28.2M	3x	as long as short
BloFin PONS-USDT	+0.0841%	4h	0.6046	−0.082%	$1.7M	$960K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.6041	−0.159%	$48K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0900%	1h	0.6048	−0.058%	$73K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.6020	−0.515%	$31K	$104K	3x	as long as short