Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0806%/8h= +88.2% APRpaid last 24h +0.191%

Price spread now: BloFin against Injective−1.416%7-day average — · you buy dearer than you sell

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

Long on Injective Short on BloFin

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

Funding pays, the price is against you. BloFin is 1.416% cheaper against Injective than usual: you would sell low and buy high (spread −1.416% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$142 on $10k: about 5.9 days of funding at the current rate (+$24 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PONS/USDC PERP	0.5969	0.0033	pay 0.0004% / 1h	29m 56s	$614	$10K	5.5x
Short	BloFin PONS-USDT	0.5885	0.0839	get 0.0420% / 4h	2h 29m	$1.7M	$939K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now −1.416%Rate

Funding earned: $169.21
Price spread: −1.416% → 0.000%: −$141.55
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $15.64
Costs to cover: 0.120%
Break-even: 6.4 days

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 3 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell BloFin live order book, 3 min ago	4.25 bp	12.3 bp −$12	19.2 bp −$192	86.1 bp −$8,606	doesn't fit

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 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 −0.0032%	1h	0.5879	−1.523%	$234K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0033%	1h	0.5969	long leg	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5887	−1.389%	$411K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5890	−1.332%	$21K	$418K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5886	−1.400%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5886	−1.399%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5873	−1.610%	$29K	$332K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5893	−1.287%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5884	−1.432%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5889	−1.355%	$25K	$547K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5895	−1.248%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5898	−1.198%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0227%	1h	0.5888	−1.372%	$60.0M	$29.2M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5886	−1.391%	$367	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0375%	4h	0.5888	−1.365%	$13.3M	$54.5M	20x	as long as short
Aster PONSUSDT	+0.0470%	4h	0.5885	−1.419%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0544%	1h	0.5891	−1.320%	$1.6M	$887K	3x	as long as short
Bitget PONSUSDT	+0.0574%	4h	0.5890	−1.333%	$4.6M	$11.9M	20x	as long as short
Variational Omni PONS	+0.0594%	4h	0.5889	−1.355%	$1.4M	$4.1M	—	as long as short
MEXC PONS_USDT	+0.0598%	4h	0.5889	−1.349%	$7.4M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0599%	4h	0.5889	−1.349%	$38.4M	$95.0M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.5887	−1.375%	$100K	$812K	5x	as long as short
edgeX PONSUSDC	+0.0621%	4h	0.5885	−1.422%	$20K	$296K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5887	−1.374%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0736%	4h	0.5890	−1.332%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0800%	1h	0.5888	−1.360%	$109K	$1.7M	3x	as long as short
BingX PONS-USDT	+0.0826%	4h	0.5891	−1.315%	—	$3.0M	—	as long as short
BloFin PONS-USDTshort	+0.0839%	4h	0.5885	−1.416%	$1.7M	$939K	20x
Bybit PONSUSDT	+0.0874%	4h	0.5887	−1.382%	$17.6M	$31.1M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5935	−0.571%	$45K	$121K	3x	as long as short