Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1084%/8h= +118.6% APRpaid last 24h +0.284%

Price spread now: Phoenix against edgeX−0.162%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs+$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$830.827% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.557%+$156 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.162%, 7d avg +0.003%

Together, before fees+1.667%+ Points / potential airdropedgeX: Active · farm board+$167 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.165% cheaper against edgeX than usual: you would sell low and buy high (spread −0.162% now, against its 7-day average of +0.003%). If the spread goes back, that is −$16 on $10k: about 12 hours of funding at the current rate (+$33 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PONSUSDC	0.6218	0.0630	pay 0.0315% / 4h	3h 35m	$20K	$291K	10x
Short	Phoenix PONS	0.6208	0.1714	get 0.0214% / 1h	35m 43s	$47K	$159K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now −0.162%Rate

Funding earned: $227.54
Price spread: −0.162% → +0.003%: −$16.45
Slippage, 4 orders: −$66.7
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $128.38
Costs to cover: 0.827%
Break-even: 3.1 days

Slippage from edgeX: live order book, 62 min ago; Phoenix: 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 edgeX live order book, 62 min ago	12.06 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 55 min ago	4.41 bp	20.9 bp −$21	71.3 bp −$713	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 +0.0032% / S −0.0030%	1h	0.6221	+0.039%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.502%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6234	+0.250%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6236	+0.280%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6210	−0.142%	$31K	$291K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6227	+0.141%	$73K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6243	+0.388%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6231	+0.210%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6232	+0.226%	$26K	$619K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6250	+0.512%	$66K	$528K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6229	+0.170%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6230	+0.178%	$388	—	3x	as long as short
Hyperliquid PONS	+0.0319%	1h	0.6220	+0.019%	$63.7M	$30.6M	3x	as long as short
Lighter RH PONS	+0.0376%	1h	0.6227	+0.138%	$421K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0398%	4h	0.6219	+0.009%	$14.3M	$61.0M	20x	as long as short
Aster PONSUSDT	+0.0442%	4h	0.6227	+0.142%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0468%	4h	0.6222	+0.057%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0577%	4h	0.6231	+0.209%	$1.6M	$4.4M	—	as long as short
edgeX PONSUSDClong	+0.0630%	4h	0.6218	long leg	$20K	$291K	10x
Extended PONS-USD	+0.0640%	1h	0.6220	+0.031%	$105K	$828K	5x	as long as short
MEXC PONS_USDT	+0.0642%	4h	0.6221	+0.041%	$8.0M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0646%	4h	0.6221	+0.042%	$40.7M	$104.2M	20x	as long as short
Lighter PONS	+0.0672%	1h	0.6225	+0.105%	$1.7M	$868K	3x	as long as short
Bitget PONSUSDT	+0.0718%	4h	0.6225	+0.109%	$5.0M	$13.2M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6219	+0.002%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0875%	4h	0.6239	+0.331%	$1.8M	$1.1M	20x	as long as short
Gate PONS_USDT	+0.0952%	4h	0.6218	−0.007%	$5.4M	$6.3M	20x	as long as short
BingX PONS-USDT	+0.1064%	4h	0.6220	+0.025%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1211%	4h	0.6219	+0.009%	$18.8M	$33.1M	20x	as long as short
Phoenix PONSshort	+0.1714%	1h	0.6208	−0.162%	$47K	$159K	3x