Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1019%/8h= +111.6% APRpaid last 24h +0.313%

Price spread now: Phoenix against KuCoin−0.044%48s7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs+$79as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1000.997% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.783%+$178 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now −0.044%, 7d avg +0.029%

Together, before fees+1.769%+$177 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.073% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.029%). If the spread goes back, that is −$7 on $10k: about 6 hours of funding at the current rate (+$31 a day). The two prices were read 48 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	KuCoin PONSUSDTM	0.5914	0.0700	pay 0.0350% / 4h	2h 06m	$1.6M	$3.8M	20x
Short	Phoenix PONS	0.5911	0.1719	get 0.0215% / 1h	6m 36s	$45K	$121K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $214.06
Price spread: −0.044% → +0.029%: −$7.29
Slippage, 4 orders: −$80.67
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $107.09
Costs to cover: 0.997%
Break-even: 3.5 days

Slippage from KuCoin: live order book, 6 min ago; Phoenix: live order book, 34 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, 6 min ago	2.46 bp	35.8 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 34 min ago	4.06 bp	19.3 bp −$19	64.7 bp −$647	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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0032%	1h	0.5905	−0.141%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.942%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5912	−0.032%	$402K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5913	−0.014%	$21K	$424K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5921	+0.122%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5913	−0.011%	$69K	$131K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5909	−0.081%	$5.3M	$6.4M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5905	−0.149%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5915	+0.020%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5913	−0.015%	$25K	$585K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5901	−0.211%	$64K	$524K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5906	−0.132%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0222%	1h	0.5913	−0.015%	$60.0M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5903	−0.188%	$368	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0426%	4h	0.5912	−0.030%	$13.4M	$55.8M	20x	as long as short
Aster PONSUSDT	+0.0485%	4h	0.5911	−0.051%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0597%	4h	0.5914	+0.010%	$37.4M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.5912	−0.038%	$101K	$811K	5x	as long as short
MEXC PONS_USDT	+0.0602%	4h	0.5913	−0.014%	$7.5M	$4.8M	20x	as long as short
edgeX PONSUSDC	+0.0605%	4h	0.5912	−0.037%	$20K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0640%	4h	0.5916	+0.042%	$4.7M	$12.2M	20x	as long as short
Variational Omni PONS	+0.0661%	4h	0.5911	−0.039%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTMlong	+0.0700%	4h	0.5914	long leg	$1.6M	$3.8M	20x
Pacifica PONS	+0.0715%	1h	0.5913	−0.019%	$45K	$69K	3x	as long as short
Polymarket Perps PONS-USD	+0.0732%	1h	0.5915	+0.020%	$91K	$1.9M	3x	as long as short
Lighter PONS	+0.0792%	1h	0.5912	−0.024%	$1.6M	$939K	3x	as long as short
BloFin PONS-USDT	+0.0843%	4h	0.5915	+0.020%	$1.7M	$959K	20x	as long as short
BingX PONS-USDT	+0.0926%	4h	0.5915	+0.020%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0968%	4h	0.5912	−0.030%	$17.6M	$31.5M	20x	as long as short
Phoenix PONSshort	+0.1719%	1h	0.5911	−0.044%	$45K	$121K	3x