Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h −0.098%

Price spread now: SoDEX against Binance−0.271%55s7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$1491.494% of the position

Long on Binance Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.270%−$27 on $10k

Price spread, last 3 days (all we have)+0.367%+$37 · spread now −0.271%, 7d avg −0.006%

Together, before fees+0.097%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and SoDEX is 0.265% cheaper against Binance than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.006%). Swap the legs. The two prices were read 55 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	0.6137	0.0298	pay 0.0149% / 4h	46m 27s	$40.0M	$99.3M	20x
Short	SoDEX PONS-USD	0.6120	0.0100	get 0.0013% / 1h	46m 27s	$28K	$551K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.271%Rate

Funding earned: −$41.58
Price spread: −0.271% → −0.006%: −$26.53
Slippage, 4 orders: −$131.39
Fee Binance: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$217.5
Costs to cover: 1.494%
Break-even: never at this rate

Slippage from Binance: live order book, 11 min ago; SoDEX: live order book, 32 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, 11 min ago	0.82 bp	13.1 bp −$13	54.0 bp −$540	doesn't fit	doesn't fit
Sell SoDEX live order book, 32 min ago	1.67 bp	59.1 bp −$59	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.731%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.6128	−0.150%	$230K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6142	+0.079%	$21K	$459K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6143	+0.088%	$87K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6133	−0.067%	$18.5M	$31.9M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6131	−0.100%	$14.0M	$58.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6139	+0.026%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6159	+0.352%	$33K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6140	+0.050%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6138	+0.021%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USDshort	+0.0100%	1h	0.6120	−0.271%	$28K	$551K	3x
HTX PONS-USDT	+0.0100%	4h	0.6137	0.000%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6117	−0.328%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0114%	4h	0.6137	−0.007%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0118%	4h	0.6142	+0.079%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6130	−0.116%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0206%	4h	0.6140	+0.044%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDTlong	+0.0298%	4h	0.6137	long leg	$40.0M	$99.3M	20x
MEXC PONS_USDT	+0.0302%	4h	0.6140	+0.047%	$8.1M	$4.8M	20x	as long as short
BingX PONS-USDT	+0.0302%	4h	0.6134	−0.051%	—	$3.1M	—	as long as short
Extended PONS-USD	+0.0304%	1h	0.6136	−0.025%	$254K	$682K	5x	as long as short
edgeX PONSUSDC	+0.0305%	4h	0.6150	+0.214%	$21K	$294K	10x	as long as short
Lighter RH PONS	+0.0336%	1h	0.6133	−0.072%	$431K	$2.6M	3x	as long as short
Lighter PONS	+0.0392%	1h	0.6136	−0.015%	$1.7M	$921K	3x	as long as short
BloFin PONS-USDT	+0.0544%	4h	0.6126	−0.181%	$1.7M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0699%	1h	0.6139	+0.039%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6135	−0.032%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0981%	1h	0.6140	+0.049%	$62.4M	$30.8M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6150	+0.218%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2094%	4h	0.6137	−0.002%	$5.3M	$6.2M	20x	as long as short