Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0345%/8h= −37.7% APRpaid last 24h −0.193%

Price spread now: Injective against BloFin+0.264%7-day average — · you sell dearer than you buy

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

Long on BloFin 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

The price spread pays, funding is against you. Injective is 0.264% dearer against BloFin than usual: you sell high and buy low (spread +0.264% now, against zero (this spread has no 7-day history yet)): +$26 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PONS-USDT	0.5904	0.0411	pay 0.0205% / 4h	1h 59m	$1.7M	$967K	20x
Short	Injective PONS/USDC PERP	0.5920	0.0066	get 0.0008% / 1h	59m 31s	$609	$6K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee InjectivebpOrdersPrice spread, now +0.264%Rate

Funding earned: −$72.36
Price spread: +0.264% → 0.000%: $26.42
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$57.96
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: BloFin: live order book, 3 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 BloFin live order book, 3 min ago	1.70 bp	14.1 bp −$14	28.6 bp −$286	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 +0.0032% / S −0.0034%	1h	0.5897	−0.116%	$216K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0066%	1h	0.5920	+0.264%	$609	$6K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.5897	−0.119%	$21K	$442K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5897	−0.119%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5891	−0.220%	$13.4M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5892	−0.208%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5896	−0.129%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5901	−0.047%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5908	+0.069%	$34K	$340K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5913	+0.151%	$2K	$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	0.5907	+0.042%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5901	−0.051%	$27K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5901	−0.046%	$63K	$505K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5899	−0.085%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5905	+0.017%	$368	—	3x	as long as short
Nado PONS-PERP	+0.0142%	1h	0.5907	+0.052%	$89K	$103K	5x	as long as short
Aster PONSUSDT	+0.0147%	4h	0.5892	−0.205%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0168%	4h	0.5893	−0.186%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0172%	4h	0.5893	−0.186%	$7.5M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0173%	4h	0.5897	−0.116%	$38.3M	$98.1M	20x	as long as short
edgeX PONSUSDC	+0.0175%	4h	0.5905	+0.019%	$21K	$294K	10x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5893	−0.183%	$106K	$532K	5x	as long as short
Hyperliquid PONS	+0.0299%	1h	0.5895	−0.155%	$59.2M	$30.1M	3x	as long as short
Polymarket Perps PONS-USD	+0.0387%	1h	0.5904	−0.003%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDTlong	+0.0411%	4h	0.5904	long leg	$1.7M	$967K	20x
Pacifica PONS	+0.0474%	1h	0.5893	−0.185%	$47K	$103K	3x	as long as short
Lighter RH PONS	+0.0488%	1h	0.5896	−0.130%	$417K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0802%	4h	0.5893	−0.186%	$5.1M	$6.4M	20x	as long as short
Lighter PONS	+0.0968%	1h	0.5895	−0.154%	$1.7M	$878K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5888	−0.271%	$30K	$86K	3x	as long as short