Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.082%

Price spread now: edgeX against Lighter−0.279%79s7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as 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−$580.583% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.436%−$44 on $10k

Price spread, last 4 days (all we have)+0.433%+$43 · spread now −0.279%, 7d avg −0.048%

Together, before fees−0.003%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and edgeX is 0.232% cheaper against Lighter than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.048%). Swap the legs. The two prices were read 79 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	Lighter PONS	0.5914	0.0816	pay 0.0102% / 1h	48m 01s	$1.6M	$828K	3x
Short	edgeX PONSUSDC	0.5897	0.0584	get 0.0292% / 4h	1h 48m	$20K	$294K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Lighter. 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 LighterbpFee edgeXbpOrdersPrice spread, now −0.279%Rate

Funding earned: −$48.69
Price spread: −0.279% → −0.048%: −$23.17
Slippage, 4 orders: −$49.26
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$130.12
Costs to cover: 0.583%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; edgeX: live order book, 60 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 Lighter live order book, 3 min ago	4.64 bp	7.7 bp −$8	19.4 bp −$194	doesn't fit	doesn't fit
Sell edgeX live order book, 60 min ago	10.95 bp	19.7 bp −$20	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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0032%	1h	0.5907	−0.106%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.947%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5913	−0.014%	$404K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5914	+0.008%	$21K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5918	+0.085%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5915	+0.026%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5892	−0.367%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5917	+0.064%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5910	−0.051%	$25K	$586K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5908	−0.085%	$64K	$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	0.5908	−0.093%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0224%	1h	0.5913	−0.008%	$368	—	3x	as long as short
Gate PONS_USDT	+0.0270%	4h	0.5907	−0.110%	$5.3M	$6.3M	20x	as long as short
Hyperliquid PONS	+0.0321%	1h	0.5911	−0.041%	$60.0M	$29.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0416%	4h	0.5908	−0.093%	$13.4M	$55.7M	20x	as long as short
Polymarket Perps PONS-USD	+0.0459%	1h	0.5914	+0.012%	$91K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0472%	4h	0.5915	+0.026%	$1.1M	$2.2M	20x	as long as short
Pacifica PONS	+0.0556%	1h	0.5916	+0.048%	$45K	$68K	3x	as long as short
Binance PONSUSDT	+0.0559%	4h	0.5909	−0.076%	$37.2M	$98.6M	20x	as long as short
Extended PONS-USD	+0.0560%	1h	0.5908	−0.091%	$101K	$811K	5x	as long as short
MEXC PONS_USDT	+0.0564%	4h	0.5910	−0.059%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDCshort	+0.0584%	4h	0.5897	−0.279%	$20K	$294K	10x
Variational Omni PONS	+0.0644%	4h	0.5912	−0.033%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0660%	4h	0.5912	−0.027%	$1.6M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0662%	4h	0.5914	+0.003%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDT	+0.0805%	4h	0.5908	−0.093%	$1.7M	$957K	20x	as long as short
Lighter PONSlong	+0.0816%	1h	0.5914	long leg	$1.6M	$828K	3x
Bybit PONSUSDT	+0.0842%	4h	0.5908	−0.093%	$17.6M	$31.4M	20x	as long as short
BingX PONS-USDT	+0.0848%	4h	0.5904	−0.161%	—	$3.0M	—	as long as short
Phoenix PONS	+0.1472%	1h	0.5894	−0.330%	$45K	$127K	3x	as long as short