Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0532%/8h= −58.3% APRpaid last 24h −0.288%

Price spread now: Orderly against Lighter+0.100%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.100% dearer against Lighter than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6002	0.0632	pay 0.0079% / 1h	7m 08s	$1.7M	$1.0M	3x
Short	Orderly PERP_PONS_USDC_mythos	0.6008	0.0100	get 0.0050% / 4h	1h 07m	$3K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.100%Rate

Funding earned: −$111.72
Price spread: +0.100% → 0.000%: $10
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$107.72
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 4 min ago; Orderly: 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 Lighter live order book, 4 min ago	4.68 bp	5.3 bp −$5	9.6 bp −$96	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 +0.0033% / S −0.0036%	1h	0.5991	−0.185%	$226K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.540%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6002	+0.002%	$21K	$439K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6007	+0.085%	$18.0M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6006	+0.068%	$13.6M	$56.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6004	+0.032%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.6009	+0.127%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5976	−0.428%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5995	−0.112%	$35K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythosshort	+0.0100%	4h	0.6008	+0.100%	$3K	$3K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6001	−0.017%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6001	−0.017%	$27K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6013	+0.182%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6002	+0.002%	$1.7M	$3.3M	20x	as long as short
Aster PONSUSDT	+0.0123%	4h	0.5999	−0.055%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.6001	−0.007%	$374	—	3x	as long as short
MEXC PONS_USDT	+0.0178%	4h	0.6003	+0.018%	$7.8M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.6000	−0.032%	—	$3.1M	—	as long as short
Extended PONS-USD	+0.0184%	1h	0.6002	−0.002%	$248K	$667K	5x	as long as short
Binance PONSUSDT	+0.0184%	4h	0.6004	+0.035%	$39.1M	$97.9M	20x	as long as short
edgeX PONSUSDC	+0.0202%	4h	0.5981	−0.352%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0204%	1h	0.5999	−0.041%	$91K	$103K	5x	as long as short
Lighter RH PONS	+0.0256%	1h	0.6002	0.000%	$424K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0424%	4h	0.6001	−0.015%	$1.7M	$981K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5996	−0.102%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0483%	1h	0.6001	−0.022%	$37K	$1.7M	3x	as long as short
Lighter PONSlong	+0.0632%	1h	0.6002	long leg	$1.7M	$1.0M	3x
Hyperliquid PONS	+0.0685%	1h	0.6004	+0.037%	$60.8M	$30.1M	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.5978	−0.403%	$30K	$96K	3x	as long as short
Gate PONS_USDT	+0.1522%	4h	0.5996	−0.098%	$5.2M	$6.5M	20x	as long as short