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: SunX against Injective−0.178%61s7-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 SunX

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. SunX is 0.178% cheaper against Injective than usual: you would sell low and buy high (spread −0.178% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 8.9 days of funding at the current rate (+$2 a day). The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

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 12s	$614	$10K	5.5x
Short	SunX PONS-USDT	0.5959	0.0100	get 0.0050% / 4h	1h 06m	—	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.178%Rate

Funding earned: $14
Price spread: −0.178% → 0.000%: −$17.76
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: −$11.78
Costs to cover: 0.080%
Break-even: 12.9 days

Slippage unknown: Injective: no order-book sample; SunX: live order book, 8 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 SunX live order book, 8 min ago	106.11 bp	125.9 bp −$126	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	0.5948	−0.353%	$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	0.5959	−0.176%	$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	0.5961	−0.139%	$2K	$3K	10x	as long as short
SunX PONS-USDTshort	+0.0100%	4h	0.5959	−0.178%	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.5957	−0.213%	$26K	$527K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5980	+0.174%	$64K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5956	−0.226%	$1.6M	$3.2M	20x	as long as short
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
Gate PONS_USDT	+0.0194%	4h	0.5964	−0.092%	$5.2M	$6.3M	20x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5958	−0.193%	$371	—	3x	as long as short
Nado PONS-PERP	+0.0241%	1h	0.5957	−0.209%	$70K	$129K	5x	as long as short
Lighter RH PONS	+0.0256%	1h	0.5958	−0.194%	$411K	$2.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0311%	4h	0.5956	−0.226%	$13.5M	$54.6M	20x	as long as short
Lighter PONS	+0.0320%	1h	0.5958	−0.191%	$1.6M	$877K	3x	as long as short
Aster PONSUSDT	+0.0420%	4h	0.5951	−0.317%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0424%	4h	0.5959	−0.169%	$4.7M	$11.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0478%	4h	0.5960	−0.159%	$1.6M	$3.7M	20x	as long as short
Bybit PONSUSDT	+0.0490%	4h	0.5954	−0.260%	$17.8M	$30.7M	20x	as long as short
BingX PONS-USDT	+0.0506%	4h	0.5958	−0.193%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0520%	1h	0.5955	−0.248%	$246K	$671K	5x	as long as short
Binance PONSUSDT	+0.0520%	4h	0.5958	−0.194%	$39.3M	$94.8M	20x	as long as short
MEXC PONS_USDT	+0.0522%	4h	0.5959	−0.176%	$7.5M	$4.7M	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	0.5956	−0.228%	$47K	$69K	3x	as long as short
Hyperliquid PONS	+0.0760%	1h	0.5959	−0.169%	$60.7M	$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	+0.0849%	1h	0.5958	−0.193%	$68K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.5996	+0.436%	$31K	$98K	3x	as long as short