Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.021%

Price spread now: Injective against HTX−1.898%7-day average — · you buy dearer than you sell

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

Long on HTX 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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.898% cheaper against HTX than usual: you would sell low and buy high (−$190 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PONS-USDT	0.6085	0.0100	pay 0.0050% / 4h	2h 21m	$65K	$509K	20x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	21m 12s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now −1.898%Rate

Funding earned: −$14
Price spread: −1.898% → 0.000%: −$189.81
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$215.83
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 47 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 HTX live order book, 47 min ago	29.96 bp	135.3 bp −$135	doesn't fit	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 29 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 −0.0033%	1h	0.6062	−0.371%	$240K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	−1.898%	$614	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.6074	−0.181%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6026	−0.978%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6063	−0.358%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6076	−0.154%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6071	−0.222%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6069	−0.260%	$26K	$518K	3x	as long as short
HTX PONS-USDTlong	+0.0100%	4h	0.6085	long leg	$65K	$509K	20x
Phemex PONSUSDT	+0.0100%	4h	0.6061	−0.394%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0184%	1h	0.6071	−0.222%	$378	—	3x	as long as short
Lighter RH PONS	+0.0208%	1h	0.6070	−0.248%	$428K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0216%	1h	0.6072	−0.211%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0232%	4h	0.6069	−0.256%	$1.7M	$3.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0241%	4h	0.6065	−0.329%	$13.9M	$55.2M	20x	as long as short
Lighter PONS	+0.0272%	1h	0.6069	−0.261%	$1.7M	$885K	3x	as long as short
Bybit PONSUSDT	+0.0296%	4h	0.6064	−0.345%	$18.2M	$30.5M	20x	as long as short
Bitget PONSUSDT	+0.0320%	4h	0.6068	−0.281%	$4.7M	$11.3M	20x	as long as short
BingX PONS-USDT	+0.0388%	4h	0.6068	−0.279%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0407%	4h	0.6073	−0.200%	$1.1M	$2.0M	20x	as long as short
MEXC PONS_USDT	+0.0418%	4h	0.6069	−0.263%	$7.8M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0422%	4h	0.6066	−0.312%	$39.7M	$94.7M	20x	as long as short
Extended PONS-USD	+0.0424%	1h	0.6071	−0.225%	$250K	$672K	5x	as long as short
edgeX PONSUSDC	+0.0428%	4h	0.6064	−0.348%	$21K	$292K	10x	as long as short
Gate PONS_USDT	+0.0574%	4h	0.6064	−0.345%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0684%	1h	0.6072	−0.209%	$61.9M	$28.0M	3x	as long as short
Polymarket Perps PONS-USD	+0.0749%	1h	0.6073	−0.204%	$46K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6071	−0.223%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6073	−0.197%	$31K	$107K	3x	as long as short