Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0765%/8h= −83.8% APRpaid last 24h −0.170%

Price spread now: Popdex against BloFin−0.034%100s7-day average −0.024% · 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−$2362.357% of the position

Long on BloFin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.602%−$60 on $10k

Price spread, last 4 days (all we have)−0.259%−$26 · spread now −0.034%, 7d avg −0.024%

Together, before fees−0.861%−$86 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.024%, so right now this pair is about funding alone: −$23 a day on $10k at the current rate. The two prices were read 100 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	BloFin PONS-USDT	0.5941	0.0861	pay 0.0431% / 4h	2h 49m	$1.7M	$945K	20x
Short	Popdex PONSUSDT	0.5939	0.0096	get 0.0012% / 1h	49m 37s	$21K	$417K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against BloFin. 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 BloFinbpFee PopdexbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$160.73
Price spread: −0.034% → −0.024%: −$0.92
Slippage, 4 orders: −$217.32
Fee BloFin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$397.38
Costs to cover: 2.357%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Popdex: live order book, 64 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 BloFin live order book, 3 min ago	0.84 bp	13.8 bp −$14	26.6 bp −$266	doesn't fit	doesn't fit
Sell Popdex live order book, 64 min ago	6.36 bp	121.8 bp −$122	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 −0.0032%	1h	0.5928	−0.227%	$236K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.480%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5938	−0.052%	$415K	$2.5M	3x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.5939	−0.034%	$21K	$417K	20x
Nado PONS-PERP	+0.0100%	1h	0.5939	−0.034%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5935	−0.101%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5933	−0.131%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5945	+0.069%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5938	−0.057%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5934	−0.126%	$26K	$545K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5958	+0.288%	$64K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5938	−0.050%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.5948	+0.113%	$371	—	3x	as long as short
Hyperliquid PONS	+0.0308%	1h	0.5938	−0.047%	$60.2M	$29.0M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0382%	4h	0.5935	−0.101%	$13.5M	$54.8M	20x	as long as short
Aster PONSUSDT	+0.0504%	4h	0.5938	−0.048%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0529%	4h	0.5941	−0.001%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0552%	4h	0.5939	−0.034%	$4.7M	$11.8M	20x	as long as short
Extended PONS-USD	+0.0616%	1h	0.5939	−0.037%	$106K	$807K	5x	as long as short
MEXC PONS_USDT	+0.0618%	4h	0.5941	0.000%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0620%	4h	0.5938	−0.045%	$38.8M	$94.7M	20x	as long as short
edgeX PONSUSDC	+0.0630%	4h	0.5937	−0.062%	$20K	$295K	10x	as long as short
Lighter PONS	+0.0680%	1h	0.5939	−0.032%	$1.6M	$886K	3x	as long as short
Pacifica PONS	+0.0715%	1h	0.5940	−0.014%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0738%	4h	0.5940	−0.010%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0762%	4h	0.5940	−0.017%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0832%	1h	0.5937	−0.062%	$88K	$1.7M	3x	as long as short
Bybit PONSUSDT	+0.0837%	4h	0.5934	−0.118%	$17.8M	$31.0M	20x	as long as short
BloFin PONS-USDTlong	+0.0861%	4h	0.5941	long leg	$1.7M	$945K	20x
Phoenix PONS	+0.1719%	1h	0.5940	−0.010%	$45K	$121K	3x	as long as short