Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0706%/8h= −77.3% APRpaid last 24h −0.125%

Price spread now: Popdex against BingX+0.094%7-day average −0.017% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$2392.390% of the position

Long on BingX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.541%−$54 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now +0.094%, 7d avg −0.017%

Together, before fees−0.573%−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.111% dearer against BingX than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of −0.017%): +$11 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PONS-USDT	0.6359	0.0802	pay 0.0401% / 4h	1h 56m	—	$3.1M	—
Short	Popdex PONSUSDT	0.6365	0.0096	get 0.0012% / 1h	56m 13s	$24K	$405K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against BingX. 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 BingXbpFee PopdexbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$148.26
Price spread: +0.094% → −0.017%: $11.11
Slippage, 4 orders: −$222.64
Fee BingX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$376.19
Costs to cover: 2.390%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Popdex: live order book, 55 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 BingX live order book, 7 min ago	0.79 bp	9.6 bp −$10	26.5 bp −$265	273.0 bp −$27.3K	doesn't fit
Sell Popdex live order book, 55 min ago	7.87 bp	112.0 bp −$112	doesn't fit	doesn't fit	doesn't fit

PONS on 30 exchanges

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 −0.0030%	1h	0.6363	+0.068%	$250K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.613%	$610	$10K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6365	+0.094%	$24K	$405K	20x
ApeX Omni PONSUSDT	+0.0100%	1h	0.6362	+0.046%	$32K	$279K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6375	+0.247%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6368	+0.134%	—	$893K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6365	+0.093%	$27K	$636K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6378	+0.296%	$67K	$537K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6366	+0.110%	$1.7M	$3.2M	20x	as long as short
Nado PONS-PERP	+0.0116%	1h	0.6368	+0.145%	$78K	$105K	5x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0240%	1h	0.6370	+0.165%	$397	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0397%	4h	0.6362	+0.047%	$14.5M	$60.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0480%	4h	0.6369	+0.151%	$1.8M	$4.3M	20x	as long as short
Polymarket Perps PONS-USD	+0.0481%	1h	0.6363	+0.069%	$75K	$2.1M	3x	as long as short
Aster PONSUSDT	+0.0548%	4h	0.6365	+0.094%	$1.2M	$2.2M	20x	as long as short
Lighter RH PONS	+0.0568%	1h	0.6367	+0.120%	$450K	$2.6M	3x	as long as short
Hyperliquid PONS	+0.0592%	1h	0.6365	+0.091%	$65.4M	$31.1M	3x	as long as short
Pacifica PONS	+0.0616%	1h	0.6367	+0.131%	$47K	$76K	3x	as long as short
Variational Omni PONS	+0.0662%	4h	0.6340	−0.299%	$1.6M	$4.3M	—	as long as short
MEXC PONS_USDT	+0.0678%	4h	0.6367	+0.126%	$7.9M	$4.5M	20x	as long as short
edgeX PONSUSDC	+0.0679%	4h	0.6348	−0.168%	$19K	$294K	10x	as long as short
Binance PONSUSDT	+0.0679%	4h	0.6368	+0.142%	$41.8M	$101.3M	20x	as long as short
Extended PONS-USD	+0.0680%	1h	0.6366	+0.111%	$184K	$881K	5x	as long as short
Bitget PONSUSDT	+0.0762%	4h	0.6366	+0.113%	$5.1M	$13.6M	20x	as long as short
BingX PONS-USDTlong	+0.0802%	4h	0.6359	long leg	—	$3.1M	—
Bybit PONSUSDT	+0.0852%	4h	0.6364	+0.079%	$19.3M	$32.6M	20x	as long as short
Gate PONS_USDT	+0.0864%	4h	0.6361	+0.031%	$5.5M	$6.4M	20x	as long as short
BloFin PONS-USDT	+0.0919%	4h	0.6376	+0.267%	$1.9M	$1.1M	20x	as long as short
Lighter PONS	+0.0984%	1h	0.6369	+0.151%	$1.8M	$852K	3x	as long as short
Phoenix PONS	+0.1668%	1h	0.6353	−0.099%	$48K	$162K	3x	as long as short