Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0471%/8h= −51.6% APRpaid last 24h −0.075%

Price spread now: edgeX against Hyperliquid−0.147%46s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.674% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)+0.276%+$28 · spread now −0.147%, 7d avg −0.016%

Together, before fees+0.314%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and edgeX is 0.131% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.016%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.038% in total (about 2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.6133	0.0869	pay 0.0109% / 1h	8m 47s	$62.4M	$28.8M	3x
Short	edgeX PONSUSDC	0.6124	0.0398	get 0.0199% / 4h	3h 08m	$21K	$291K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Hyperliquid. 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 HyperliquidbpFee edgeXbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$98.91
Price spread: −0.147% → −0.016%: −$13.12
Slippage, 4 orders: −$49.43
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$179.46
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; edgeX: 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 Hyperliquid live order book, 5 min ago	1.38 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 64 min ago	11.48 bp	20.0 bp −$20	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 −0.0033%	1h	0.6129	−0.064%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.660%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6145	+0.202%	$21K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6118	−0.238%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6111	−0.347%	$33K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6143	+0.173%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6140	+0.124%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6134	+0.023%	$26K	$543K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6155	+0.362%	$66K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6134	+0.023%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.6130	−0.047%	$434K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6142	+0.153%	$383	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0206%	4h	0.6124	−0.140%	$14.1M	$56.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0226%	4h	0.6122	−0.173%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0276%	4h	0.6123	−0.155%	$4.8M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0340%	4h	0.6141	+0.129%	$1.1M	$2.0M	20x	as long as short
MEXC PONS_USDT	+0.0388%	4h	0.6127	−0.091%	$8.0M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0392%	1h	0.6132	−0.016%	$253K	$677K	5x	as long as short
Binance PONSUSDT	+0.0396%	4h	0.6126	−0.108%	$40.3M	$96.1M	20x	as long as short
edgeX PONSUSDCshort	+0.0398%	4h	0.6124	−0.147%	$21K	$291K	10x
Lighter PONS	+0.0480%	1h	0.6133	+0.005%	$1.7M	$943K	3x	as long as short
Nado PONS-PERP	+0.0591%	1h	0.6149	+0.260%	$106K	$115K	5x	as long as short
BingX PONS-USDT	+0.0592%	4h	0.6133	+0.007%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0620%	4h	0.6123	−0.157%	$18.5M	$30.8M	20x	as long as short
BloFin PONS-USDT	+0.0629%	4h	0.6135	+0.039%	$1.8M	$997K	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6127	−0.089%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0800%	1h	0.6143	+0.173%	$45K	$1.6M	3x	as long as short
Hyperliquid PONSlong	+0.0869%	1h	0.6133	long leg	$62.4M	$28.8M	3x
Gate PONS_USDT	+0.1384%	4h	0.6129	−0.059%	$5.4M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6136	+0.055%	$32K	$113K	3x	as long as short