Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0748%/8h= +81.9% APRpaid last 24h +0.080%

Price spread now: Hyperliquid against KuCoin+0.038%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$890.894% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.180%+$18 on $10k

Price spread, last 7 days+0.025%+$2 · spread now +0.038%, 7d avg +0.029%

Together, before fees+0.205%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$22 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.180% in total (about 9.4% 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	KuCoin PONSUSDTM	0.6117	0.0122	pay 0.0061% / 4h	24m 52s	$1.8M	$3.7M	20x
Short	Hyperliquid PONS	0.6119	0.0870	get 0.0109% / 1h	24m 52s	$62.3M	$30.0M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.038%Rate

Funding earned: $157.07
Price spread: +0.038% → +0.029%: $0.82
Slippage, 4 orders: −$68.42
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $68.47
Costs to cover: 0.894%
Break-even: 3.9 days

Slippage from KuCoin: live order book, 3 min ago; Hyperliquid: live order book, 9 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 KuCoin live order book, 3 min ago	2.53 bp	40.3 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.06 bp	8.2 bp −$8	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.415%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6109	−0.135%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6115	−0.036%	$429K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6117	−0.003%	$20K	$435K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6114	−0.048%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6119	+0.029%	$18.4M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6120	+0.046%	$13.9M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6129	+0.198%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6144	+0.436%	$34K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6120	+0.046%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6119	+0.034%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6118	+0.005%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6129	+0.191%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6116	−0.020%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTMlong	+0.0122%	4h	0.6117	long leg	$1.8M	$3.7M	20x
Bitget PONSUSDT	+0.0146%	4h	0.6120	+0.051%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6116	−0.022%	$381	—	3x	as long as short
Aster PONSUSDT	+0.0162%	4h	0.6115	−0.036%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0288%	1h	0.6118	+0.010%	$1.7M	$923K	3x	as long as short
MEXC PONS_USDT	+0.0300%	4h	0.6120	+0.046%	$8.1M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6120	+0.043%	$253K	$682K	5x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6118	+0.013%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0306%	4h	0.6122	+0.070%	$40.2M	$98.6M	20x	as long as short
edgeX PONSUSDC	+0.0308%	4h	0.6133	+0.256%	$21K	$292K	10x	as long as short
BloFin PONS-USDT	+0.0546%	4h	0.6114	−0.052%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0658%	1h	0.6118	+0.007%	$42K	$1.7M	3x	as long as short
Hyperliquid PONSshort	+0.0870%	1h	0.6119	+0.038%	$62.3M	$30.0M	3x
Pacifica PONS	+0.0899%	1h	0.6114	−0.046%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6121	+0.056%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2386%	4h	0.6114	−0.052%	$5.4M	$6.3M	20x	as long as short