Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0337%/8h= −37.0% APRpaid last 24h −0.027%

Price spread now: Popdex against OKX+0.583%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$2302.302% of the position

Long on OKX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.240%−$24 on $10k

Price spread, last 4 days (all we have)−0.570%−$57 · spread now +0.583%, 7d avg +0.036%

Together, before fees−0.809%−$81 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.546% dearer against OKX than usual: you sell high and buy low (spread +0.583% now, against its 7-day average of +0.036%): +$55 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 5.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PONS-USDT-SWAP	0.6180	0.0433	pay 0.0217% / 4h	36m 53s	$14.0M	$60.1M	20x
Short	Popdex PONSUSDT	0.6216	0.0096	get 0.0012% / 1h	36m 53s	$22K	$454K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.583%Rate

Funding earned: −$70.87
Price spread: +0.583% → +0.036%: $54.61
Slippage, 4 orders: −$213.8
Fee OKX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$246.46
Costs to cover: 2.302%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Popdex: live order book, 2 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, 2 min ago	1.61 bp	15.2 bp −$15	32.1 bp −$321	doesn't fit	doesn't fit
Sell Popdex live order book, 2 min ago	5.37 bp	109.4 bp −$109	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 +0.0032% / S −0.0029%	1h	0.6208	+0.455%	$236K	—	150x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6216	+0.583%	$22K	$454K	20x
Nado PONS-PERP	+0.0100%	1h	0.6217	+0.599%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6285	+1.701%	$31K	$303K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6218	+0.607%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6219	+0.629%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6220	+0.647%	$27K	$628K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6221	+0.659%	$67K	$536K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6207	+0.437%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6218	+0.607%	$387	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PONS-USDT-SWAPlong	+0.0433%	4h	0.6180	long leg	$14.0M	$60.1M	20x
Variational Omni PONS	+0.0520%	4h	0.6292	+1.817%	$1.5M	$4.2M	—	as long as short
Aster PONSUSDT	+0.0525%	4h	0.6190	+0.161%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0560%	4h	0.6191	+0.173%	$1.6M	$3.9M	20x	as long as short
Pacifica PONS	+0.0572%	1h	0.6208	+0.451%	$47K	$69K	3x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6196	+0.255%	$104K	$818K	5x	as long as short
MEXC PONS_USDT	+0.0600%	4h	0.6192	+0.194%	$7.8M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0601%	4h	0.6190	+0.157%	$40.7M	$103.4M	20x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.6228	+0.776%	$21K	$290K	10x	as long as short
Lighter RH PONS	+0.0656%	1h	0.6217	+0.591%	$441K	$2.6M	3x	as long as short
BingX PONS-USDT	+0.0668%	4h	0.6190	+0.162%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0685%	4h	0.6183	+0.049%	$18.7M	$32.6M	20x	as long as short
Bitget PONSUSDT	+0.0706%	4h	0.6192	+0.189%	$4.9M	$12.8M	20x	as long as short
Hyperliquid PONS	+0.0760%	1h	0.6213	+0.534%	$63.2M	$30.2M	3x	as long as short
Lighter PONS	+0.0840%	1h	0.6219	+0.631%	$1.7M	$847K	3x	as long as short
BloFin PONS-USDT	+0.0841%	4h	0.6224	+0.712%	$1.8M	$1.0M	20x	as long as short
Gate PONS_USDT	+0.0880%	4h	0.6194	+0.227%	$5.4M	$6.4M	20x	as long as short
Injective PONS/USDC PERP	+0.1069%	1h	0.5938	−3.908%	$610	$10K	5.5x	as long as short
Polymarket Perps PONS-USD	+0.1298%	1h	0.6215	+0.563%	$68K	$2.2M	3x	as long as short
Phoenix PONS	+0.1405%	1h	0.6231	+0.822%	$47K	$127K	3x	as long as short