Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0132%/8h= +14.5% APRpaid last 24h +0.185%

Price spread now: Lighter against KuCoin−0.087%7-day average +0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$820.823% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.659%+$66 on $10k

Price spread, last 7 days+0.125%+$12 · spread now −0.087%, 7d avg +0.034%

Together, before fees+0.784%+ Points / potential airdropLighter: Season 3 · farm board+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.121% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.087% now, against its 7-day average of +0.034%). If the spread goes back, that is −$12 on $10k: about 3.1 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.659% in total) that is about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PONSUSDTM	0.6112	0.0132	pay 0.0066% / 4h	38m 44s	$1.8M	$3.7M	20x
Short	Lighter PONS	0.6107	0.0264	get 0.0033% / 1h	38m 44s	$1.7M	$922K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.087%Rate

Funding earned: $27.72
Price spread: −0.087% → +0.034%: −$12.11
Slippage, 4 orders: −$70.33
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$66.71
Costs to cover: 0.823%
Break-even: 23.8 days

Slippage from KuCoin: live order book, 4 min ago; Lighter: live order book, 3 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, 4 min ago	3.76 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	4.16 bp	10.1 bp −$10	14.5 bp −$145	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	−2.333%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6101	−0.181%	$235K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6104	−0.133%	$428K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6110	−0.034%	$20K	$442K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6110	−0.041%	$86K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6123	+0.178%	$18.5M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6121	+0.146%	$13.9M	$58.0M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6121	+0.141%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6127	+0.250%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6112	+0.003%	$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	0.6112	+0.005%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6105	−0.124%	$28K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6126	+0.221%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6104	−0.133%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTMlong	+0.0132%	4h	0.6112	long leg	$1.8M	$3.7M	20x
Bitget PONSUSDT	+0.0138%	4h	0.6122	+0.169%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6108	−0.067%	$381	—	3x	as long as short
Aster PONSUSDT	+0.0169%	4h	0.6100	−0.198%	$1.1M	$2.2M	20x	as long as short
Lighter PONSshort	+0.0264%	1h	0.6107	−0.087%	$1.7M	$922K	3x
Binance PONSUSDT	+0.0295%	4h	0.6113	+0.022%	$39.9M	$98.6M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6103	−0.150%	$253K	$682K	5x	as long as short
BingX PONS-USDT	+0.0296%	4h	0.6116	+0.064%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6118	+0.097%	$8.1M	$4.8M	20x	as long as short
edgeX PONSUSDC	+0.0313%	4h	0.6123	+0.171%	$21K	$292K	10x	as long as short
BloFin PONS-USDT	+0.0540%	4h	0.6111	−0.018%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0704%	1h	0.6108	−0.061%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6109	−0.043%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0949%	1h	0.6106	−0.108%	$62.0M	$30.3M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6125	+0.208%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2150%	4h	0.6097	−0.247%	$5.3M	$6.3M	20x	as long as short