Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0370%/8h= +40.5% APRpaid last 24h +0.036%

Price spread now: BingX against Lighter RH−0.140%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Lighter RH Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.227%+$23 on $10k

Price spread, last 4 days (all we have)+0.116%+$12 · spread now −0.140%, 7d avg −0.003%

Together, before fees+0.342%+ Points / potential airdropLighter RH: Points live · farm board+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.137% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.140% now, against its 7-day average of −0.003%). If the spread goes back, that is −$14 on $10k: about 30 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.227% in total) that is about 4.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.227% in total (about 11.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH PONS	0.6341	0.0336	pay 0.0042% / 1h	29m 46s	$460K	$2.6M	3x
Short	BingX PONS-USDT	0.6332	0.0706	get 0.0353% / 4h	29m 46s	—	$3.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter RH. 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 Lighter RHbpFee BingXbpOrdersPrice spread, now −0.140%Rate

Funding earned: $77.7
Price spread: −0.140% → −0.003%: −$13.74
Slippage, 4 orders: −$20.87
Fee Lighter RH: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: $33.09
Costs to cover: 0.309%
Break-even: 4.0 days

Slippage from Lighter RH: live order book, 1 min ago; BingX: live order book, 8 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 RH live order book, 1 min ago	3.15 bp	3.8 bp −$4	25.9 bp −$259	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.79 bp	11.8 bp −$12	26.7 bp −$267	122.3 bp −$12.2K	doesn't fit

PONS on 30 exchanges

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 +0.0031% / S −0.0029%	1h	0.6328	−0.199%	$249K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.346%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6339	−0.030%	$22K	$395K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6342	+0.022%	$77K	$92K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6372	+0.497%	$32K	$286K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6345	+0.073%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6338	−0.041%	—	$819K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6337	−0.069%	$27K	$600K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6352	+0.169%	$65K	$551K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6340	−0.014%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0216%	1h	0.6340	−0.014%	$395	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0256%	4h	0.6366	+0.396%	$14.0M	$59.7M	20x	as long as short
Hyperliquid PONS	+0.0300%	1h	0.6340	−0.016%	$64.7M	$29.6M	3x	as long as short
Lighter RH PONSlong	+0.0336%	1h	0.6341	long leg	$460K	$2.6M	3x
Aster PONSUSDT	+0.0386%	4h	0.6343	+0.026%	$1.2M	$2.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0512%	4h	0.6341	−0.005%	$1.8M	$4.3M	20x	as long as short
Pacifica PONS	+0.0517%	1h	0.6351	+0.166%	$46K	$73K	3x	as long as short
Binance PONSUSDT	+0.0529%	4h	0.6351	+0.155%	$40.9M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0534%	4h	0.6349	+0.128%	$7.7M	$4.5M	20x	as long as short
Extended PONS-USD	+0.0536%	1h	0.6334	−0.105%	$184K	$850K	5x	as long as short
edgeX PONSUSDC	+0.0566%	4h	0.6368	+0.422%	$18K	$295K	10x	as long as short
Variational Omni PONS	+0.0568%	4h	0.6361	+0.312%	$1.5M	$3.7M	—	as long as short
Polymarket Perps PONS-USD	+0.0643%	1h	0.6342	+0.022%	$92K	$2.0M	3x	as long as short
Bitget PONSUSDT	+0.0654%	4h	0.6369	+0.437%	$5.0M	$13.1M	20x	as long as short
BingX PONS-USDTshort	+0.0706%	4h	0.6332	−0.140%	—	$3.1M	—
Bybit PONSUSDT	+0.0733%	4h	0.6363	+0.349%	$19.1M	$31.4M	20x	as long as short
BloFin PONS-USDT	+0.0784%	4h	0.6366	+0.396%	$1.8M	$1.1M	20x	as long as short
Lighter PONS	+0.0824%	1h	0.6344	+0.050%	$1.8M	$849K	3x	as long as short
Gate PONS_USDT	+0.0958%	4h	0.6337	−0.062%	$5.4M	$6.5M	20x	as long as short
Phoenix PONS	+0.1439%	1h	0.6368	+0.419%	$49K	$153K	3x	as long as short