Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1346%/8h= +147.4% APRpaid last 24h +0.367%

Price spread now: Phoenix against OKX+0.856%46s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs+$114as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$650.646% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.788%+$179 on $10k

Price spread, last 4 days (all we have)−0.898%−$90 · spread now +0.856%, 7d avg +0.037%

Together, before fees+0.890%+$89 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$40 a day on $10k at the current rate, and Phoenix is 0.819% dearer against OKX than usual: you sell high and buy low: +$82 more if the spread goes back to its 7-day average of +0.037%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PONS-USDT-SWAP	0.5885	0.0373	pay 0.0187% / 4h	2h 30m	$13.3M	$54.4M	20x
Short	Phoenix PONS	0.5935	0.1719	get 0.0215% / 1h	30m 42s	$45K	$121K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.856%Rate

Funding earned: $282.66
Price spread: +0.856% → +0.037%: $81.92
Slippage, 4 orders: −$47.6
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $299.98
Costs to cover: 0.646%
Break-even: from the start

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 10 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 OKX live order book, 3 min ago	2.55 bp	13.6 bp −$14	34.8 bp −$348	doesn't fit	doesn't fit
Sell Phoenix live order book, 10 min ago	4.06 bp	19.3 bp −$19	64.7 bp −$647	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	0.5878	−0.123%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.436%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5886	+0.012%	$411K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5890	+0.085%	$21K	$418K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5890	+0.092%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5886	+0.017%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5873	−0.197%	$29K	$332K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5890	+0.080%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5888	+0.051%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5890	+0.085%	$25K	$547K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5893	+0.134%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5894	+0.153%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0227%	1h	0.5886	+0.022%	$60.0M	$29.2M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5888	+0.044%	$367	—	3x	as long as short
OKX PONS-USDT-SWAPlong	+0.0373%	4h	0.5885	long leg	$13.3M	$54.4M	20x
Aster PONSUSDT	+0.0470%	4h	0.5882	−0.057%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0560%	1h	0.5891	+0.097%	$1.6M	$887K	3x	as long as short
Bitget PONSUSDT	+0.0574%	4h	0.5889	+0.073%	$4.6M	$11.9M	20x	as long as short
Variational Omni PONS	+0.0594%	4h	0.5889	+0.061%	$1.4M	$4.1M	—	as long as short
MEXC PONS_USDT	+0.0598%	4h	0.5889	+0.068%	$7.4M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0599%	4h	0.5892	+0.123%	$38.4M	$94.9M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.5885	+0.007%	$100K	$812K	5x	as long as short
edgeX PONSUSDC	+0.0621%	4h	0.5885	−0.007%	$20K	$296K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5887	+0.042%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0740%	4h	0.5888	+0.051%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0793%	1h	0.5887	+0.032%	$110K	$1.7M	3x	as long as short
BingX PONS-USDT	+0.0826%	4h	0.5889	+0.068%	—	$3.0M	—	as long as short
BloFin PONS-USDT	+0.0839%	4h	0.5885	0.000%	$1.7M	$939K	20x	as long as short
Bybit PONSUSDT	+0.0883%	4h	0.5886	+0.017%	$17.6M	$31.1M	20x	as long as short
Phoenix PONSshort	+0.1719%	1h	0.5935	+0.856%	$45K	$121K	3x