PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1391%/8h= +152.3% APRnext payment +$1.74 per $10,000 · paid last 24h +0.229%

Price spread now: Phoenix against Hyperliquid−0.343%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs+$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$590.591% of the position

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.590%+$159 on $10k

Price spread, last 4 days (all we have)+0.497%+$50 · spread now −0.343%, 7d avg −0.002%

Together, before fees+2.087%+ Points / potential airdropHyperliquid: Season 2 · farm board+$209 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.340% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.343% now, against its 7-day average of −0.002%). If the spread goes back, that is −$34 on $10k: about 20 hours of funding at the current rate (+$42 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.6330	0.0323	pay 0.0040% / 1h	18m 39s	$64.9M	$30.6M	3x
Short	Phoenix PONS	0.6308	0.1714	get 0.0214% / 1h	18m 39s	$48K	$159K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.343%Rate

Funding earned: $292.08
Price spread: −0.343% → −0.002%: −$34.05
Slippage, 4 orders: −$43.1
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $198.93
Costs to cover: 0.591%
Break-even: 2.2 days

Slippage from Hyperliquid: live order book, 5 min ago; Phoenix: live order book, 8 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	1.12 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 8 min ago	4.49 bp	20.8 bp −$21	70.9 bp −$709	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	0.6314	−0.250%	$247K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.185%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6327	−0.047%	$23K	$425K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6324	−0.091%	$74K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6307	−0.367%	$31K	$290K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6326	−0.062%	$74K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6334	+0.060%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6323	−0.106%	—	$1.1M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6327	−0.046%	$27K	$623K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6334	+0.070%	$67K	$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	0.6315	−0.237%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0256%	1h	0.6331	+0.008%	$394	—	3x	as long as short
Hyperliquid PONSlong	+0.0323%	1h	0.6330	long leg	$64.9M	$30.6M	3x
Lighter RH PONS	+0.0440%	1h	0.6332	+0.025%	$432K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0458%	4h	0.6329	−0.016%	$14.5M	$61.1M	20x	as long as short
Aster PONSUSDT	+0.0469%	4h	0.6327	−0.052%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0506%	4h	0.6328	−0.032%	$1.7M	$4.1M	20x	as long as short
Lighter PONS	+0.0600%	1h	0.6335	+0.073%	$1.8M	$872K	3x	as long as short
Variational Omni PONS	+0.0621%	4h	0.6308	−0.346%	$1.6M	$4.6M	—	as long as short
edgeX PONSUSDC	+0.0689%	4h	0.6307	−0.371%	$21K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0694%	4h	0.6330	0.000%	$8.1M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0696%	1h	0.6332	+0.038%	$106K	$815K	5x	as long as short
Binance PONSUSDT	+0.0706%	4h	0.6332	+0.032%	$41.8M	$103.5M	20x	as long as short
Bitget PONSUSDT	+0.0738%	4h	0.6336	+0.096%	$5.1M	$13.2M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6331	+0.009%	$48K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0935%	4h	0.6331	+0.016%	$1.9M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.0976%	4h	0.6327	−0.047%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1128%	4h	0.6330	0.000%	$19.3M	$33.1M	20x	as long as short
Phoenix PONSshort	+0.1714%	1h	0.6308	−0.343%	$48K	$159K	3x
Gate PONS_USDT	+0.2196%	4h	0.6327	−0.047%	$5.5M	$6.4M	20x	as long as short