Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0204%/8h= +22.3% APRpaid last 24h +0.092%

Price spread now: Extended against Orderly−0.035%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.035% cheaper against Orderly than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 14 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.6114	0.0100	pay 0.0050% / 4h	22m 42s	$2K	$3K	10x
Short	Extended PONS-USD	0.6112	0.0304	get 0.0038% / 1h	22m 42s	$253K	$682K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. 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 OrderlybpFee ExtendedbpOrdersPrice spread, now −0.035%Rate

Funding earned: $42.84
Price spread: −0.035% → 0.000%: −$3.54
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $28.3
Costs to cover: 0.110%
Break-even: 2.4 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 55 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 Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 55 min ago	11.94 bp	26.3 bp −$26	183.1 bp −$1,831	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.370%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6099	−0.253%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6116	+0.026%	$427K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6104	−0.170%	$20K	$436K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6107	−0.121%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6128	+0.222%	$18.4M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6130	+0.255%	$13.9M	$58.2M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6129	+0.244%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6132	+0.286%	$34K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.6114	long leg	$2K	$3K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6111	−0.047%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6112	−0.046%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6130	+0.260%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6114	−0.007%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0120%	4h	0.6113	−0.029%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0146%	4h	0.6119	+0.080%	$4.8M	$11.7M	20x	as long as short
Aster PONSUSDT	+0.0156%	4h	0.6111	−0.050%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6112	−0.038%	$381	—	3x	as long as short
Binance PONSUSDT	+0.0301%	4h	0.6119	+0.079%	$40.1M	$98.7M	20x	as long as short
edgeX PONSUSDC	+0.0304%	4h	0.6119	+0.081%	$21K	$292K	10x	as long as short
Lighter PONS	+0.0304%	1h	0.6118	+0.059%	$1.7M	$923K	3x	as long as short
Extended PONS-USDshort	+0.0304%	1h	0.6112	−0.035%	$253K	$682K	5x
MEXC PONS_USDT	+0.0304%	4h	0.6121	+0.108%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6116	+0.026%	—	$3.0M	—	as long as short
BloFin PONS-USDT	+0.0544%	4h	0.6111	−0.056%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0648%	1h	0.6109	−0.088%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0865%	1h	0.6118	+0.061%	$62.3M	$30.0M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6125	+0.169%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6121	+0.101%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2406%	4h	0.6109	−0.088%	$5.3M	$6.3M	20x	as long as short