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: KuCoin against Lighter+0.599%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

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

Long on Lighter Short on KuCoin

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−0.638%−$64 · spread now +0.599%, 7d avg −0.034%

Together, before fees−1.297%+ Points / potential airdropLighter: Season 3 · farm board−$130 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.634% dearer against Lighter than usual: you sell high and buy low (spread +0.599% now, against its 7-day average of −0.034%): +$63 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 16 days. At the pace of the last 7 days (−0.659% in total) that is about 6.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6107	0.0264	pay 0.0033% / 1h	38m 22s	$1.7M	$922K	3x
Short	KuCoin PONSUSDTM	0.6143	0.0132	get 0.0066% / 4h	38m 22s	$1.8M	$3.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Lighter. 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 LighterbpFee KuCoinbpOrdersPrice spread, now +0.599%Rate

Funding earned: −$27.72
Price spread: +0.599% → −0.034%: $63.37
Slippage, 4 orders: −$70.33
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$46.68
Costs to cover: 0.823%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; KuCoin: live order book, 4 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	4.16 bp	5.3 bp −$5	13.5 bp −$135	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	3.76 bp	33.1 bp −$33	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	−2.248%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6134	+0.446%	$237K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6104	−0.046%	$428K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6147	+0.658%	$20K	$440K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6140	+0.544%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6138	+0.511%	$18.5M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6139	+0.527%	$14.0M	$58.3M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6121	+0.228%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6127	+0.337%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6141	+0.558%	$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	0.6146	+0.648%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6139	+0.532%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6126	+0.308%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6104	−0.046%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTMshort	+0.0132%	4h	0.6143	+0.599%	$1.8M	$3.7M	20x
Bitget PONSUSDT	+0.0138%	4h	0.6145	+0.632%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6135	+0.469%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0169%	4h	0.6126	+0.316%	$1.1M	$2.2M	20x	as long as short
Lighter PONSlong	+0.0264%	1h	0.6107	long leg	$1.7M	$922K	3x
Binance PONSUSDT	+0.0295%	4h	0.6142	+0.573%	$40.1M	$98.8M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6143	+0.591%	$253K	$682K	5x	as long as short
BingX PONS-USDT	+0.0296%	4h	0.6140	+0.544%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6142	+0.576%	$8.1M	$4.8M	20x	as long as short
edgeX PONSUSDC	+0.0313%	4h	0.6123	+0.258%	$21K	$292K	10x	as long as short
BloFin PONS-USDT	+0.0540%	4h	0.6111	+0.069%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0705%	1h	0.6144	+0.608%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6109	+0.044%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0959%	1h	0.6144	+0.608%	$62.4M	$30.3M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6125	+0.295%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2158%	4h	0.6132	+0.413%	$5.4M	$6.3M	20x	as long as short