Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1136%/8h= +124.4% APRpaid last 24h +0.303%

Price spread now: Phoenix against Binance−0.587%85s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs+$92as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$680.684% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.601%+$160 on $10k

Price spread, last 4 days (all we have)+0.623%+$62 · spread now −0.587%, 7d avg +0.002%

Together, before fees+2.224%+$222 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.589% cheaper against Binance than usual: you would sell low and buy high (spread −0.587% now, against its 7-day average of +0.002%). If the spread goes back, that is −$59 on $10k: about 42 hours of funding at the current rate (+$34 a day). The two prices were read 85 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	0.6055	0.0600	pay 0.0300% / 4h	22m 09s	$39.6M	$95.1M	20x
Short	Phoenix PONS	0.6020	0.1736	get 0.0217% / 1h	22m 09s	$31K	$104K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.587%Rate

Funding earned: $238.53
Price spread: −0.587% → +0.002%: −$58.94
Slippage, 4 orders: −$51.39
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $111.21
Costs to cover: 0.684%
Break-even: 3.7 days

Slippage from Binance: live order book, 6 min ago; Phoenix: live order book, 28 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, 6 min ago	0.83 bp	13.8 bp −$14	49.1 bp −$491	doesn't fit	doesn't fit
Sell Phoenix live order book, 28 min ago	4.57 bp	21.0 bp −$21	71.4 bp −$714	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	0.6037	−0.295%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.418%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6048	−0.122%	$20K	$435K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6027	−0.464%	$35K	$348K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6051	−0.077%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6052	−0.054%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6049	−0.097%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6065	+0.157%	$66K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6035	−0.336%	$1.7M	$3.2M	20x	as long as short
Gate PONS_USDT	+0.0122%	4h	0.6045	−0.171%	$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	−0.171%	$377	—	3x	as long as short
Variational Omni PONS	+0.0242%	4h	0.6026	−0.479%	$1.4M	$4.0M	—	as long as short
Nado PONS-PERP	+0.0279%	1h	0.6047	−0.145%	$71K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0319%	4h	0.6052	−0.056%	$13.7M	$55.6M	20x	as long as short
Lighter PONS	+0.0328%	1h	0.6050	−0.090%	$1.7M	$884K	3x	as long as short
Bybit PONSUSDT	+0.0459%	4h	0.6052	−0.056%	$18.0M	$30.8M	20x	as long as short
Aster PONSUSDT	+0.0473%	4h	0.6045	−0.175%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0474%	4h	0.6052	−0.061%	$4.6M	$11.5M	20x	as long as short
Lighter RH PONS	+0.0504%	1h	0.6048	−0.120%	$409K	$2.5M	3x	as long as short
BingX PONS-USDT	+0.0570%	4h	0.6051	−0.072%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0579%	4h	0.6042	−0.224%	$18K	$292K	10x	as long as short
Binance PONSUSDTlong	+0.0600%	4h	0.6055	long leg	$39.6M	$95.1M	20x
Extended PONS-USD	+0.0600%	1h	0.6047	−0.144%	$108K	$812K	5x	as long as short
MEXC PONS_USDT	+0.0600%	4h	0.6050	−0.089%	$7.7M	$4.7M	20x	as long as short
KuCoin PONSUSDTM	+0.0662%	4h	0.6048	−0.120%	$1.7M	$3.8M	20x	as long as short
Hyperliquid PONS	+0.0784%	1h	0.6052	−0.059%	$61.8M	$28.2M	3x	as long as short
BloFin PONS-USDT	+0.0841%	4h	0.6046	−0.155%	$1.7M	$960K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.6041	−0.231%	$48K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0900%	1h	0.6048	−0.130%	$73K	$1.6M	3x	as long as short
Phoenix PONSshort	+0.1736%	1h	0.6020	−0.587%	$31K	$104K	3x