Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0133%/8h= −14.5% APRpaid last 24h −0.118%

Price spread now: Variational Omni against Lighter+0.216%7-day average −0.057% · 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 4 days (all we have)−0.623%−$62 on $10k

Price spread, last 7 days−0.244%−$24 · spread now +0.216%, 7d avg −0.057%

Together, before fees−0.867%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$87 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.274% dearer against Lighter than usual: you sell high and buy low (spread +0.216% now, against its 7-day average of −0.057%): +$27 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 6.9 days. At the pace of the last 4 days (−0.623% in total) that is about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6032	0.0560	pay 0.0070% / 1h	27m 01s	$1.7M	$892K	3x
Short	Variational Omni PONS	0.6045	0.0427	get 0.0214% / 4h	3h 27m	$1.5M	$3.9M	—

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

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 Variational OmnibpOrdersPrice spread, now +0.216%Rate

Funding earned: −$27.85
Price spread: +0.216% → −0.057%: $27.37
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$0.49
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 9 min ago; Variational Omni: RFQ quote, 2 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, 9 min ago	2.24 bp	2.6 bp −$3	31.9 bp −$319	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	5.80 bp	doesn't fit	27.3 bp −$273	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	0.6021	−0.187%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.043%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6032	−0.007%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6033	+0.010%	$70K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6042	+0.154%	$35K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6028	−0.065%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6042	+0.159%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6030	−0.036%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6051	+0.307%	$65K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6034	+0.027%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0208%	1h	0.6031	−0.028%	$412K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6035	+0.035%	$376	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0358%	4h	0.6032	−0.007%	$13.7M	$55.3M	20x	as long as short
Variational Omni PONSshort	+0.0427%	4h	0.6045	+0.216%	$1.5M	$3.9M	—
Hyperliquid PONS	+0.0491%	1h	0.6036	+0.051%	$61.7M	$28.0M	3x	as long as short
Aster PONSUSDT	+0.0531%	4h	0.6035	+0.046%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0534%	4h	0.6039	+0.106%	$4.6M	$11.5M	20x	as long as short
Lighter PONSlong	+0.0560%	1h	0.6032	long leg	$1.7M	$892K	3x
Extended PONS-USD	+0.0632%	1h	0.6029	−0.052%	$108K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0632%	4h	0.6031	−0.023%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0635%	4h	0.6033	+0.010%	$39.5M	$94.3M	20x	as long as short
edgeX PONSUSDC	+0.0641%	4h	0.6040	+0.126%	$18K	$292K	10x	as long as short
Polymarket Perps PONS-USD	+0.0697%	1h	0.6029	−0.048%	$72K	$1.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0754%	4h	0.6034	+0.018%	$1.6M	$3.8M	20x	as long as short
BloFin PONS-USDT	+0.0875%	4h	0.6030	−0.040%	$1.7M	$966K	20x	as long as short
BingX PONS-USDT	+0.0944%	4h	0.6039	+0.109%	—	$3.0M	—	as long as short
Pacifica PONS	+0.1081%	1h	0.6041	+0.143%	$47K	$68K	3x	as long as short
Bybit PONSUSDT	+0.1111%	4h	0.6034	+0.027%	$18.1M	$30.5M	20x	as long as short
Gate PONS_USDT	+0.1172%	4h	0.6028	−0.073%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1586%	1h	0.6044	+0.186%	$46K	$109K	3x	as long as short