Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.119%

Price spread now: Phemex against Bitget−0.100%46s7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$152as 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−$1151.149% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.375%−$38 on $10k

Price spread, last 3 days (all we have)+0.204%+$20 · spread now −0.100%, 7d avg −0.027%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.073% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.027%. The two prices were read 46 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	Bitget PONSUSDT	0.5988	0.0100	pay 0.0050% / 4h	1h 19m	$4.7M	$11.6M	20x
Short	Phemex PONSUSDT	0.5982	0.0100	get 0.0050% / 4h	1h 19m	$1.7M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now −0.100%Rate

Funding earned: $0
Price spread: −0.100% → −0.027%: −$7.32
Slippage, 4 orders: −$90.9
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$122.22
Costs to cover: 1.149%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Phemex: live order book, 4 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 Bitget live order book, 4 min ago	3.26 bp	20.5 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	3.34 bp	37.3 bp −$37	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 −0.0034%	1h	0.5983	−0.086%	$219K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.309%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5985	−0.050%	$19K	$439K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5983	−0.084%	$17.9M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5984	−0.067%	$13.5M	$56.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5985	−0.043%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDTlong	+0.0100%	4h	0.5988	long leg	$4.7M	$11.6M	20x
Variational Omni PONS	+0.0100%	4h	0.5988	−0.004%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5993	+0.078%	$35K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5989	+0.025%	$3K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5987	−0.012%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5982	−0.092%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5999	+0.187%	$64K	$506K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.5982	−0.100%	$1.7M	$3.3M	20x
Aevo PONS-PERP	+0.0128%	1h	0.5985	−0.054%	$373	—	3x	as long as short
Aster PONSUSDT	+0.0140%	4h	0.5984	−0.064%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0186%	4h	0.5987	−0.017%	$38.9M	$97.8M	20x	as long as short
MEXC PONS_USDT	+0.0190%	4h	0.5985	−0.050%	$7.8M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0192%	1h	0.5985	−0.053%	$248K	$667K	5x	as long as short
BingX PONS-USDT	+0.0192%	4h	0.5983	−0.084%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0192%	4h	0.5985	−0.054%	$21K	$293K	10x	as long as short
Nado PONS-PERP	+0.0214%	1h	0.5985	−0.056%	$91K	$103K	5x	as long as short
Lighter RH PONS	+0.0360%	1h	0.5988	−0.002%	$423K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0431%	4h	0.5986	−0.033%	$1.7M	$980K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5985	−0.043%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0490%	1h	0.5986	−0.033%	$37K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0670%	1h	0.5989	+0.025%	$60.5M	$30.1M	3x	as long as short
Lighter PONS	+0.0688%	1h	0.5987	−0.018%	$1.7M	$998K	3x	as long as short
Gate PONS_USDT	+0.1354%	4h	0.5986	−0.033%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5991	+0.052%	$30K	$96K	3x	as long as short