Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.191%

Price spread now: Variational Omni against Lighter+0.127%7-day average −0.060% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.623%−$62 on $10k

Price spread, last 7 days−0.149%−$15 · spread now +0.127%, 7d avg −0.060%

Together, before fees−0.773%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$77 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.187% dearer against Lighter than usual: you sell high and buy low (spread +0.127% now, against its 7-day average of −0.060%): +$19 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.2 days. At the pace of the last 3 days (−0.623% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6058	0.0200	pay 0.0025% / 1h	55m 46s	$1.7M	$894K	3x
Short	Variational Omni PONS	0.6066	0.0100	get 0.0050% / 4h	3h 55m	$1.4M	$4.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.127%Rate

Funding earned: −$21
Price spread: +0.127% → −0.060%: $18.71
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$2.29
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 11 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 11 min ago	3.70 bp	4.4 bp −$4	9.7 bp −$97	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.12 bp	doesn't fit	37.0 bp −$370	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
Gate PONS_USDT	−0.0852%	4h	0.6058	0.000%	$5.3M	$6.1M	20x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6056	−0.033%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.461%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6058	+0.007%	$423K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6064	+0.099%	$20K	$417K	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6045	−0.215%	$13.8M	$57.2M	20x	as long as short
Variational Omni PONSshort	+0.0100%	4h	0.6066	+0.127%	$1.4M	$4.2M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.6082	+0.396%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6067	+0.142%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6069	+0.187%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6061	+0.045%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6079	+0.347%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6068	+0.165%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0150%	4h	0.6044	−0.231%	$1.7M	$3.8M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6063	+0.078%	$378	—	3x	as long as short
Aster PONSUSDT	+0.0160%	4h	0.6054	−0.068%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0186%	4h	0.6050	−0.135%	$4.7M	$11.7M	20x	as long as short
Lighter PONSlong	+0.0200%	1h	0.6058	long leg	$1.7M	$894K	3x
Binance PONSUSDT	+0.0302%	4h	0.6052	−0.099%	$39.6M	$97.8M	20x	as long as short
MEXC PONS_USDT	+0.0302%	4h	0.6052	−0.099%	$7.9M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6061	+0.047%	$252K	$679K	5x	as long as short
edgeX PONSUSDC	+0.0307%	4h	0.6072	+0.234%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0333%	1h	0.6064	+0.102%	$105K	$116K	5x	as long as short
BloFin PONS-USDT	+0.0540%	4h	0.6067	+0.149%	$1.8M	$1.0M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6054	−0.070%	$48K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0830%	1h	0.6063	+0.087%	$41K	$1.6M	3x	as long as short
BingX PONS-USDT	+0.0916%	4h	0.6059	+0.017%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0917%	4h	0.6046	−0.198%	$18.2M	$31.3M	20x	as long as short
Hyperliquid PONS	+0.1150%	1h	0.6058	+0.003%	$61.7M	$30.0M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6073	+0.253%	$31K	$113K	3x	as long as short