Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.021%

Price spread now: Injective against Orderly−2.292%58s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 2.292% cheaper against Orderly than usual: you would sell low and buy high (−$229 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 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	Orderly PERP_PONS_USDC_mythos	0.6109	0.0100	pay 0.0050% / 4h	3h 32m	$2K	$3K	10x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	32m 04s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −2.292%Rate

Funding earned: −$14
Price spread: −2.292% → 0.000%: −$229.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$249.17
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6091	−0.305%	$241K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	−2.292%	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.6102	−0.124%	$432K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6100	−0.155%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6077	−0.531%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6090	−0.326%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.6109	long leg	$2K	$3K	10x
SunX PONS-USDT	+0.0100%	4h	0.6095	−0.239%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6107	−0.049%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6114	+0.069%	$65K	$511K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6098	−0.188%	$1.7M	$3.2M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0152%	4h	0.6106	−0.057%	$13.9M	$57.1M	20x	as long as short
Aevo PONS-PERP	+0.0168%	1h	0.6104	−0.092%	$380	—	3x	as long as short
KuCoin PONSUSDTM	+0.0170%	4h	0.6104	−0.093%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0224%	4h	0.6108	−0.021%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0241%	4h	0.6102	−0.117%	$1.1M	$2.1M	20x	as long as short
MEXC PONS_USDT	+0.0336%	4h	0.6108	−0.025%	$8.0M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0344%	4h	0.6106	−0.057%	$40.0M	$96.8M	20x	as long as short
Extended PONS-USD	+0.0344%	1h	0.6101	−0.145%	$252K	$679K	5x	as long as short
edgeX PONSUSDC	+0.0350%	4h	0.6075	−0.558%	$21K	$294K	10x	as long as short
Lighter PONS	+0.0464%	1h	0.6102	−0.128%	$1.7M	$904K	3x	as long as short
BloFin PONS-USDT	+0.0578%	4h	0.6094	−0.254%	$1.8M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0608%	1h	0.6098	−0.188%	$105K	$115K	5x	as long as short
Bybit PONSUSDT	+0.0621%	4h	0.6103	−0.106%	$18.3M	$30.9M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6099	−0.176%	$48K	$87K	3x	as long as short
BingX PONS-USDT	+0.0671%	4h	0.6110	+0.008%	—	$3.1M	—	as long as short
Polymarket Perps PONS-USD	+0.0752%	1h	0.6099	−0.172%	$44K	$1.6M	3x	as long as short
Gate PONS_USDT	+0.0858%	4h	0.6098	−0.188%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONS	+0.0908%	1h	0.6108	−0.033%	$62.1M	$29.2M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6077	−0.525%	$31K	$113K	3x	as long as short