Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h −0.091%

Price spread now: Bitget against Lighter RH−0.052%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$510.511% of the position

Long on Lighter RH Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.052%, 7d avg +0.005%

Together, before fees+0.010%+ Points / potential airdropLighter RH: Points live · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bitget is 0.057% cheaper against Lighter RH than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.057% in total (about -3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH PONS	0.5987	0.0288	pay 0.0036% / 1h	13m 16s	$423K	$2.7M	3x
Short	Bitget PONSUSDT	0.5984	0.0100	get 0.0050% / 4h	1h 13m	$4.6M	$11.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$39.48
Price spread: −0.052% → +0.005%: −$5.65
Slippage, 4 orders: −$39.09
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$96.22
Costs to cover: 0.511%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; Bitget: live order book, just now.

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, 5 min ago	3.51 bp	9.9 bp −$10	34.7 bp −$347	doesn't fit	doesn't fit
Sell Bitget live order book, just now	1.59 bp	20.1 bp −$20	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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.5974	−0.214%	$224K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.286%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5983	−0.060%	$21K	$439K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5977	−0.160%	$17.9M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5977	−0.160%	$13.5M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5980	−0.117%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDTshort	+0.0100%	4h	0.5984	−0.052%	$4.6M	$11.6M	20x
Variational Omni PONS	+0.0100%	4h	0.5983	−0.056%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5997	+0.165%	$35K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5988	+0.020%	$3K	$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	0.5983	−0.053%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5982	−0.077%	$27K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5992	+0.090%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5982	−0.077%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5983	−0.060%	$373	—	3x	as long as short
Aster PONSUSDT	+0.0131%	4h	0.5983	−0.066%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0178%	4h	0.5982	−0.077%	$7.8M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0183%	4h	0.5980	−0.110%	$38.9M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5980	−0.114%	$248K	$667K	5x	as long as short
BingX PONS-USDT	+0.0186%	4h	0.5975	−0.194%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0198%	4h	0.5990	+0.057%	$21K	$294K	10x	as long as short
Nado PONS-PERP	+0.0217%	1h	0.5981	−0.095%	$90K	$103K	5x	as long as short
Lighter RH PONSlong	+0.0288%	1h	0.5987	long leg	$423K	$2.7M	3x
BloFin PONS-USDT	+0.0423%	4h	0.5988	+0.023%	$1.7M	$981K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5985	−0.022%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0483%	1h	0.5983	−0.065%	$37K	$1.7M	3x	as long as short
Lighter PONS	+0.0640%	1h	0.5985	−0.020%	$1.7M	$1.0M	3x	as long as short
Hyperliquid PONS	+0.0685%	1h	0.5984	−0.048%	$60.5M	$30.2M	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.5990	+0.055%	$30K	$96K	3x	as long as short
Gate PONS_USDT	+0.1450%	4h	0.5981	−0.094%	$5.2M	$6.5M	20x	as long as short