Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.022%

Price spread now: Phemex against Injective−0.126%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 Phemex

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. Phemex is 0.126% cheaper against Injective than usual: you would sell low and buy high (spread −0.126% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 6.3 days of funding at the current rate (+$2 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	6m 58s	$614	$10K	5.5x
Short	Phemex PONSUSDT	0.5962	0.0100	get 0.0050% / 4h	1h 06m	$1.6M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpOrdersPrice spread, now −0.126%Rate

Funding earned: $14
Price spread: −0.126% → 0.000%: −$12.56
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$10.58
Costs to cover: 0.120%
Break-even: 12.3 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	6.68 bp	39.2 bp −$39	doesn't fit	doesn't fit	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 −0.0033%	1h	0.5959	−0.184%	$236K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0033%	1h	0.5969	long leg	$614	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.5968	−0.025%	$21K	$435K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5981	+0.191%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5974	+0.079%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5970	+0.012%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5966	−0.057%	$26K	$527K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5969	−0.002%	$64K	$509K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.5962	−0.126%	$1.6M	$3.2M	20x
Variational Omni PONS	+0.0178%	4h	0.6018	+0.818%	$1.4M	$3.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0216%	1h	0.5968	−0.025%	$372	—	3x	as long as short
Gate PONS_USDT	+0.0218%	4h	0.5969	−0.008%	$5.2M	$6.3M	20x	as long as short
Nado PONS-PERP	+0.0240%	1h	0.5970	+0.016%	$70K	$129K	5x	as long as short
Lighter RH PONS	+0.0264%	1h	0.5966	−0.059%	$415K	$2.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0312%	4h	0.5957	−0.209%	$13.5M	$54.6M	20x	as long as short
Lighter PONS	+0.0336%	1h	0.5967	−0.042%	$1.6M	$877K	3x	as long as short
Bitget PONSUSDT	+0.0422%	4h	0.5963	−0.104%	$4.7M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0427%	4h	0.5967	−0.045%	$1.1M	$2.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0478%	4h	0.5963	−0.111%	$1.6M	$3.7M	20x	as long as short
Bybit PONSUSDT	+0.0497%	4h	0.5955	−0.243%	$17.8M	$30.7M	20x	as long as short
BingX PONS-USDT	+0.0506%	4h	0.5968	−0.025%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0520%	1h	0.5960	−0.154%	$246K	$671K	5x	as long as short
MEXC PONS_USDT	+0.0522%	4h	0.5962	−0.126%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0522%	4h	0.5962	−0.126%	$39.3M	$94.8M	20x	as long as short
edgeX PONSUSDC	+0.0536%	4h	0.5994	+0.406%	$18K	$292K	10x	as long as short
Pacifica PONS	+0.0755%	1h	0.5980	+0.173%	$47K	$69K	3x	as long as short
Hyperliquid PONS	+0.0759%	1h	0.5965	−0.084%	$60.8M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0762%	4h	0.5970	+0.008%	$1.7M	$959K	20x	as long as short
Polymarket Perps PONS-USD	+0.0848%	1h	0.5966	−0.055%	$68K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.5996	+0.436%	$31K	$98K	3x	as long as short