Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h −0.088%

Price spread now: KuCoin against Hyperliquid+0.065%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1131.132% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 on $10k

Price spread, last 7 days−0.082%−$8 · spread now +0.065%, 7d avg −0.027%

Together, before fees−0.266%+ Points / potential airdropHyperliquid: Season 2 · farm board−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and KuCoin is 0.092% dearer against Hyperliquid than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.027%. Mind the row above: over the last 7 days funding on this pair cost −0.183%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.183% in total (about -9.6% 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	0.6287	0.0248	pay 0.0031% / 1h	54m 57s	$64.4M	$31.2M	3x
Short	KuCoin PONSUSDTM	0.6291	0.0556	get 0.0278% / 4h	2h 54m	$1.8M	$4.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.065%Rate

Funding earned: $64.59
Price spread: +0.065% → −0.027%: $9.23
Slippage, 4 orders: −$92.23
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$39.41
Costs to cover: 1.132%
Break-even: 11.3 days

Slippage from Hyperliquid: live order book, 9 min ago; KuCoin: live order book, 3 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, 9 min ago	1.56 bp	15.7 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	4.57 bp	38.1 bp −$38	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 +0.0032% / S −0.0030%	1h	0.6394	+1.713%	$251K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−5.536%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6298	+0.183%	$23K	$427K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6298	+0.177%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6339	+0.829%	$32K	$286K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6295	+0.132%	$73K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6298	+0.180%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6289	+0.045%	—	$1.1M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6292	+0.081%	$27K	$630K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6311	+0.391%	$66K	$529K	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	0.6298	+0.183%	$1.7M	$3.2M	20x	as long as short
Lighter RH PONS	+0.0176%	1h	0.6296	+0.151%	$430K	$2.6M	3x	as long as short
Lighter PONS	+0.0200%	1h	0.6297	+0.159%	$1.8M	$836K	3x	as long as short
Hyperliquid PONSlong	+0.0248%	1h	0.6287	long leg	$64.4M	$31.2M	3x
Aevo PONS-PERP	+0.0272%	1h	0.6291	+0.076%	$392	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0470%	4h	0.6281	−0.087%	$14.4M	$60.8M	20x	as long as short
Aster PONSUSDT	+0.0500%	4h	0.6290	+0.061%	$1.2M	$2.2M	20x	as long as short
KuCoin PONSUSDTMshort	+0.0556%	4h	0.6291	+0.065%	$1.8M	$4.2M	20x
Variational Omni PONS	+0.0689%	4h	0.6315	+0.458%	$1.6M	$4.5M	—	as long as short
Binance PONSUSDT	+0.0743%	4h	0.6288	+0.031%	$41.6M	$103.6M	20x	as long as short
Extended PONS-USD	+0.0744%	1h	0.6285	−0.020%	$106K	$813K	5x	as long as short
MEXC PONS_USDT	+0.0744%	4h	0.6285	−0.024%	$8.0M	$4.6M	20x	as long as short
edgeX PONSUSDC	+0.0760%	4h	0.6339	+0.841%	$19K	$293K	10x	as long as short
Bitget PONSUSDT	+0.0788%	4h	0.6286	−0.010%	$5.1M	$13.6M	20x	as long as short
Pacifica PONS	+0.0810%	1h	0.6312	+0.410%	$47K	$78K	3x	as long as short
BloFin PONS-USDT	+0.0983%	4h	0.6288	+0.024%	$1.9M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.1080%	4h	0.6284	−0.040%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.1110%	4h	0.6284	−0.040%	$19.0M	$33.3M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6337	+0.803%	$48K	$162K	3x	as long as short
Gate PONS_USDT	+0.2920%	4h	0.6289	+0.040%	$5.4M	$6.5M	20x	as long as short