Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0585%/8h= −64.0% APRpaid last 24h −0.103%

Price spread now: Injective against KuCoin+0.101%7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on Injective

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

The price spread pays, funding is against you. Injective is 0.101% dearer against KuCoin than usual: you sell high and buy low (spread +0.101% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PONSUSDTM	0.5964	0.0618	pay 0.0309% / 4h	1h 24m	$1.6M	$3.8M	20x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	24m 56s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. 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 KuCoinbpFee InjectivebpOrdersPrice spread, now +0.101%Rate

Funding earned: −$122.78
Price spread: +0.101% → 0.000%: $10.06
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$124.74
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 3 min ago; Injective: no order-book sample. 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 KuCoin live order book, 3 min ago	3.21 bp	37.9 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 +0.0032% / S −0.0030%	1h	0.5931	−0.543%	$243K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	+0.101%	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5956	−0.132%	$419K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5960	−0.059%	$22K	$419K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5965	+0.029%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5956	−0.119%	$70K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5925	−0.647%	$29K	$314K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5945	−0.317%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5959	−0.067%	$26K	$583K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5963	−0.015%	$65K	$525K	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	0.5953	−0.176%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0199%	1h	0.5961	−0.047%	$60.5M	$29.6M	3x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5960	−0.053%	$371	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0401%	4h	0.5960	−0.059%	$13.4M	$56.0M	20x	as long as short
Aster PONSUSDT	+0.0458%	4h	0.5958	−0.084%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0502%	1h	0.5963	−0.005%	$95K	$1.9M	3x	as long as short
MEXC PONS_USDT	+0.0504%	4h	0.5962	−0.025%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0511%	4h	0.5961	−0.042%	$37.5M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0512%	1h	0.5960	−0.066%	$102K	$808K	5x	as long as short
edgeX PONSUSDC	+0.0526%	4h	0.5925	−0.653%	$20K	$291K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5949	−0.244%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0590%	4h	0.5938	−0.420%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTMlong	+0.0618%	4h	0.5964	long leg	$1.6M	$3.8M	20x
Gate PONS_USDT	+0.0644%	4h	0.5950	−0.226%	$5.3M	$6.3M	20x	as long as short
Bitget PONSUSDT	+0.0678%	4h	0.5965	+0.030%	$4.7M	$12.2M	20x	as long as short
BingX PONS-USDT	+0.0686%	4h	0.5958	−0.092%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0747%	4h	0.5961	−0.042%	$17.7M	$31.3M	20x	as long as short
BloFin PONS-USDT	+0.0751%	4h	0.5955	−0.143%	$1.7M	$949K	20x	as long as short
Lighter PONS	+0.0832%	1h	0.5962	−0.027%	$1.7M	$832K	3x	as long as short
Phoenix PONS	+0.1472%	1h	0.5936	−0.459%	$45K	$127K	3x	as long as short