Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1595%/8h= +174.7% APRpaid last 24h +0.383%

Price spread now: Phoenix against HTX−0.197%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$354as in the Price arb table

costs, in and out, $10k−$3383.383% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+2.041%+$204 on $10k

Price spread, last 3 days (all we have)+0.218%+$22 · spread now −0.197%, 7d avg −0.044%

Together, before fees+2.260%+$226 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.154% cheaper against HTX than usual: you would sell low and buy high (spread −0.197% now, against its 7-day average of −0.044%). If the spread goes back, that is −$15 on $10k: about 8 hours of funding at the current rate (+$48 a day).

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 20m	$65K	$509K	20x
Short	Phoenix PONS	0.6073	0.1695	get 0.0212% / 1h	20m 26s	$31K	$107K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.197%Rate

Funding earned: $335.04
Price spread: −0.197% → −0.044%: −$15.36
Slippage, 4 orders: −$319.28
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$18.6
Costs to cover: 3.383%
Break-even: 7.4 days

Slippage from HTX: live order book, 48 min ago; Phoenix: live order book, 21 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 HTX live order book, 48 min ago	29.96 bp	135.3 bp −$135	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 21 min ago	3.31 bp	16.6 bp −$17	54.4 bp −$544	doesn't fit	doesn't fit

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 PERP	+0.0033%	1h	0.5969	−1.898%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6059	−0.427%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6066	−0.306%	$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	+0.0192%	1h	0.6061	−0.396%	$427K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0214%	1h	0.6058	−0.452%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0232%	4h	0.6063	−0.366%	$1.7M	$3.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0241%	4h	0.6058	−0.444%	$13.9M	$55.2M	20x	as long as short
Lighter PONS	+0.0272%	1h	0.6064	−0.345%	$1.7M	$885K	3x	as long as short
Bybit PONSUSDT	+0.0296%	4h	0.6054	−0.509%	$18.1M	$30.5M	20x	as long as short
Bitget PONSUSDT	+0.0320%	4h	0.6057	−0.468%	$4.7M	$11.3M	20x	as long as short
BingX PONS-USDT	+0.0388%	4h	0.6059	−0.427%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0407%	4h	0.6073	−0.205%	$1.1M	$2.0M	20x	as long as short
MEXC PONS_USDT	+0.0422%	4h	0.6058	−0.444%	$7.8M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0424%	1h	0.6058	−0.447%	$250K	$672K	5x	as long as short
Binance PONSUSDT	+0.0426%	4h	0.6060	−0.409%	$39.7M	$94.7M	20x	as long as short
edgeX PONSUSDC	+0.0428%	4h	0.6064	−0.348%	$21K	$292K	10x	as long as short
Gate PONS_USDT	+0.0592%	4h	0.6054	−0.509%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0679%	1h	0.6059	−0.434%	$61.7M	$28.0M	3x	as long as short
Polymarket Perps PONS-USD	+0.0743%	1h	0.6058	−0.450%	$45K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6062	−0.372%	$48K	$75K	3x	as long as short
Phoenix PONSshort	+0.1695%	1h	0.6073	−0.197%	$31K	$107K	3x